Consolidated 11-Year Summary: Financial / Data Section

Financial / Data Section
Consolidated 11-Year Summary

ANA HOLDINGS INC. and its consolidated subsidiaries (Note 1)
Years ended March
2016 2015 2014

For the Year
Operating revenues (Note 3) 1,791,187 1,713,457 1,601,013
Operating expenses (Note 3) 1,654,724 1,621,916 1,535,027
Operating income (loss) 136,463 91,541 65,986
Income (loss) before income taxes and non-controlling interests 131,064 77,983 36,391
Net income (loss) attributable to owners of ANA HOLDINGS INC. 78,169 39,239 18,886
Cash flows from operating activities 263,878 206,879 200,124
Cash flows from investing activities (74,443) (210,749) (64,915)
Cash flows from financing activities (133,257) (30,424) (85,569)
Free cash flow 189,435 (3,870) 135,209
Substantial free cash flow (Note 4) 88,035 (22,350) 38,929
Depreciation and amortization 138,830 131,329 136,180
EBITDA (Note 5) 275,293 222,870 202,166
Capital expenditures 281,416 274,702 183,739
At Year-End
Total assets 2,228,808 2,302,437 2,173,607
Interest-bearing debt (Note 6) 703,886 819,831 834,768
Short-term debt (Note 6) 94,781 210,029 188,748
Long-term debt (Note 6) 609,105 609,802 646,020
Total shareholders’ equity (Note 7) 789,896 798,280 746,070
Per Share Data (Yen, U.S. dollars)
Earnings per share 22.36 11.24 5.41
Book value per share 225.87 228.45 213.82
Cash dividends 5.00 4.00 3.00
Average number of shares during the year (Thousand shares) 3,496,561 3,492,380 3,493,860
Management Indexes
Operating income margin (%) 7.6 5.3 4.1
Net income margin (%) 4.4 2.3 1.2
ROA (%) (Note 8) 6.1 4.2 3.2
ROE (%) (Note 9) 9.8 5.1 2.5
Equity ratio (%) 35.4 34.7 34.3
Debt/equity ratio (Times) (Note 10) 0.9 1.0 1.1
Interest-bearing debt/EBITDA (Times) 2.6 3.7 4.1
Asset turnover (Times) 0.8 0.7 0.7
Interest coverage ratio (Times) (Note 11) 22.3 14.7 12.4
Current ratio (Times) 1.1 1.0 1.2
Payout ratio (%) 22.4 35.6 55.5
Number of employees 36,273 34,919 33,719
Operating Data
Domestic Passenger Operations
Passenger revenues 685,638 683,369 675,153
Available seat-km (Millions) 59,421 60,213 61,046
Revenue passenger-km (Millions) 38,470 38,582 37,861
Number of passengers (Thousands) 42,664 43,203 42,668
Load factor (%) 64.7 64.1 62.0
Unit revenues (¥) 11.5 11.3 11.1
Yield (¥) 17.8 17.7 17.8
International Passenger Operations
Passenger revenues 515,696 468,321 395,340
Available seat-km (Millions) 54,710 49,487 41,451
Revenue passenger-km (Millions) 40,635 35,639 30,613
Number of passengers (Thousands) 8,167 7,208 6,336
Load factor (%) 74.3 72.0 73.9
Unit revenues (¥) 9.4 9.5 9.5
Yield (¥) 12.7 13.1 12.9
Domestic Cargo Operations
Cargo revenues 31,740 32,584 32,116
Cargo volume (Tons) 466,979 475,462 477,081
International Cargo Operations
Cargo revenues 113,309 124,772 104,736
Cargo volume (Tons) 810,628 841,765 710,610
Notes: 1 As of March 31, 2016, there were 62 consolidated subsidiaries and 18 equity-method subsidiaries and affiliates.
2 U.S. dollar amounts in this report are translated, for convenience only, at the rate of ¥112.68=US$1, the approximate exchange rate on March 31, 2016.
3 Effective from the fiscal year ended March 2015, revenue of jet fuel which is resold to airlines outside the group is offset by its purchasing cost and the net amount is
recorded in operating revenues.
4 Substantial free cash flow is excluding purchase and redemption of marketable securities (periodic and negotiable deposits of more than three months).
5 EBITDA = Operating income + Depreciation and amortization
6 Lease obligations are included from the fiscal year ended March 2008 as a result of the early application of the Accounting Standard for Lease Transactions (revised March 30, 2007).
88 A N A HOLD I N G S IN C .
U.S. dollars
(Thousands)
Yen (Millions) (Note 2)
2013 2012 2011 2010 2009 2008 2007 2006 2016
1,483,581 1,411,504 1,357,653 1,228,353 1,392,581 1,487,827 1,489,658 1,368,792 15,896,228

1,379,754 1,314,482 1,289,845 1,282,600 1,384,992 1,403,438 1,397,468 1,279,990 14,685,161
103,827 97,022 67,808 (54,247) 7,589 84,389 92,190 88,802 1,211,066
70,876 63,431 35,058 (95,593) (4,445) 115,224 51,064 52,433 1,163,152
43,140 28,178 23,305 (57,387) (4,260) 64,143 32,658 26,722 693,725
173,196 214,406 203,889 82,991 (39,783) 165,765 158,714 128,525 2,341,835
(333,744) (166,323) (139,619) (251,893) (111,139) (69,827) (128,298) (46,449) (660,658)
84,549 16,171 (10,596) 173,791 114,504 (87,336) (100,897) (3,137) (1,182,614)
(160,548) 48,083 64,270 (168,902) (150,922) 95,938 30,416 82,076 1,681,176
54,256 52,043 27,870 (123,902) (150,922) 95,938 15,001 82,076 781,283
123,916 119,268 118,440 113,806 112,881 116,787 88,610 76,201 1,232,073
227,743 216,290 186,248 59,559 120,470 201,176 180,800 165,003 2,443,139
162,752 196,881 211,698 209,937 145,709 357,733 251,926 235,580 2,497,479
2,137,242 2,002,570 1,928,021 1,859,085 1,761,065 1,783,393 1,602,091 1,666,843 19,779,978

897,134 963,657 938,819 941,691 897,236 767,876 749,446 846,317 6,246,769
142,601 127,405 146,395 180,775 169,462 136,399 158,724 149,438 841,151
754,533 836,252 792,424 760,916 727,774 631,477 590,722 696,879 5,405,617
766,737 549,014 520,254 473,552 321,883 452,972 398,223 346,309 7,010,081
13.51 11.22 9.29 (24.67) (2.19) 32.93 16.77 15.64 0.198

218.41 218.24 207.35 188.93 166.50 232.58 204.42 177.89 2.004
4.00 4.00 2.00 – 1.00 5.00 3.00 3.00 0.044
3,192,482 2,511,841 2,507,572 2,326,547 1,945,061 1,947,736 1,947,618 1,708,031
7.0 6.9 5.0 (4.4) 0.5 5.7 6.2 6.5

2.9 2.0 1.7 (4.7) (0.3) 4.3 2.2 2.0
5.1 5.1 3.7 (2.8) 0.6 5.3 6.0 5.7
6.6 5.3 4.7 (14.4) (1.1) 15.1 8.8 9.5
35.9 27.4 27.0 25.5 18.3 25.4 24.9 20.8
1.2 1.8 1.8 2.0 2.8 1.7 1.9 2.4
3.9 4.5 5.0 15.8 7.4 3.8 4.1 5.1
0.7 0.7 0.7 0.7 0.8 0.9 0.9 0.8
9.5 10.8 10.7 4.6 – 10.7 8.9 6.3
1.6 1.2 1.1 0.9 0.9 0.9 0.9 1.1
29.6 35.7 21.5 – – 15.2 17.9 19.2
32,634 32,884 32,731 32,578 33,045 31,345 32,460 30,322
665,968 651,556 652,611 630,976 699,389 739,514 726,063 685,074 6,084,824

58,508 56,756 56,796 57,104 59,222 62,651 62,414 60,973
36,333 34,589 35,983 35,397 37,596 39,928 40,564 39,712
41,089 39,020 40,574 39,894 42,753 45,557 46,471 45,474
62.1 60.9 63.4 62.0 63.5 63.7 65.0 65.1
11.4 11.5 11.5 11.0 11.8 11.8 11.6 11.2
18.3 18.8 18.1 17.8 18.6 18.5 17.9 17.3
348,319 320,066 280,637 214,124 291,077 311,577 278,478 229,232 4,576,641

37,947 34,406 29,768 26,723 27,905 28,285 26,607 25,338
28,545 25,351 22,430 20,220 19,360 21,291 20,145 18,769
6,276 5,883 5,168 4,666 4,432 4,827 4,552 4,135
75.2 73.7 75.3 75.7 69.4 75.3 75.7 74.1
9.2 9.3 9.4 8.0 10.4 11.0 10.5 9.0
12.2 12.6 12.5 10.6 15.0 14.6 13.8 12.2
32,231 33,248 32,413 31,829 33,097 30,566 30,574 29,659 281,682

463,473 467,348 453,606 458,732 475,014 462,569 457,914 440,750
86,589 87,978 86,057 55,750 69,069 72,192 62,195 55,380 1,005,582

621,487 570,684 557,445 422,449 354,251 332,507 277,571 248,735
7 Total shareholders’ equity = Shareholders’ equity + Accumulated other comprehensive income
From the fiscal year ended March 2014, the Accounting Standard for Retirement Benefits (May 17, 2012) has been applied and the amount affected by liabilities for
retirement benefits has been adjusted to be recorded in remeasurements of defined benefit plans.
8 ROA = (Operating income + Interest and dividend income) / Simple average of total assets
9 ROE = Net income attributable to owners of ANA HOLDINGS INC. / Simple average of total shareholders’ equity
10 Debt/equity ratio = Interest-bearing debt / Total shareholders’ equity
Interest-bearing debt includes lease obligations from the fiscal year ended March 2008 as a result of the Accounting Standard for Lease Transactions.
11 Interest coverage ratio = Cash flows from operating activities / Interest expenses
* Yen amounts are rounded down to the nearest million yen and percentages are rounded to the nearest one decimal place. US dollar amounts are truncated.
A N N UA L R E PO RT 2016 89
Management’s Discussion and Analysis
Economic Conditions In the fiscal year ended March 2016, in terms of air transport
traffic in Japan, the number of passengers on trunk routes*
General Economic Overview increased by 3.3% from the previous fiscal year, to 41.51 million
In the fiscal year ended March 2016, overall, the domestic econ- while the number of passengers on local routes decreased by
omy continued a modest recovery on the back of firm consumer 0.9%, to 54.55 million. In total, the number of passengers on
spending. However, because of the appreciation of the yen and the scheduled domestic routes increased by 0.9%, to 96.06 million.
fall in stock prices toward the end of the fiscal year, certain sectors The volume of domestic cargo decreased by 1.2%, to 0.91 million
were seen increasingly exercising caution in earnings forecasts. tons. The number of passengers carried by Japanese carriers on
The economic outlook is for a gradual recovery as a result of international routes increased by 12.4%, to 18.85 million. The
improved employment outlooks and income levels and the effect of volume of international cargo handled by Japanese carriers
various government policies. However, there are concerns about the decreased by 2.5%, to 1.38 million tons.
risks of not only economic downturn in some overseas economies but (Source: Ministry of Land, Infrastructure, Transport and Tourism
also of terrorist attacks and conflicts in Europe and the Middle East. preliminary report)
* Trunk routes refer to routes connecting Sapporo (New Chitose), Tokyo (Haneda), Tokyo (Narita), Osaka (Itami),
Fuel Price Trends Osaka (Kansai), Fukuoka, and Okinawa (Naha) airports with one another. Local routes refer to all other routes.
Faced with the economic slowdown in China and other emerging
countries, the oil-producing nations of the world reached a consen- Monthly Prices for Dubai Crude Oil and Singapore Kerosene
(U.S. dollars per barrel)
sus to forego production reductions, leading the crude oil price to
80
decrease year on year. The Dubai crude oil price fell below $30 per
70
barrel during January and February 2016. Later, the oil price began
60
a gentle rise fueled by a decrease in the number of U.S. oil rigs
50
operating, steady economic indicators in the United States, and
40
the implementation of additional monetary easing measures in
30
China. As a result, the Dubai crude oil price was $35.1 per barrel
20
as of March 31, 2016, with an average price for the fiscal year of 15/4 5 6 7 8 9 10 11 12 16/1 2 3 (Year/
Month)
$46.3 per barrel. Dubai Crude Oil Singapore Kerosene
Source: Bloomberg
The market price of Singapore kerosene tracked the price of
crude oil and ended at $47.9 per barrel as of March 31, 2016, with
an average price for the fiscal year of $58.9 per barrel. Monthly Yen-Dollar Exchange Rate
(Yen/U.S. dollars)
Foreign Exchange Market 130
The yen weakened leading up to the end of 2015 in reflection of 120

the return to a state of normalcy in the financial policies of the
110
United States (the start of rising interest rates) that followed from
an improved job market in this country. The exchange rate fluctu- 100
ated around ¥120 per U.S. dollar during this period, meaning that
90
the yen was weaker than in the previous equivalent period. 15/4 5 6 7 8 9 10 11 12 16/1 2 3 (Year/
Month)
However, the combined impacts of risk aversion that arose in light Source: Bloomberg
of uncertainty in the global economy as well as speculation that the

pace of interest rate increases would slow in the United States Global Air Transportation Passenger Volume by Region
stimulated a yen appreciation trend that began in January 2016. RPKs
(Billions)
Consequently, the exchange rate ended the fiscal year at ¥112.4
10,000 2,400
per U.S. dollar and the average exchange rate for the fiscal year
2,141
ended March 2016 was ¥120.1 per U.S. dollar.
1,795
7,500 1,800
Air Transport Traffic Trends 1,628
6,678
In 2015, the number of passengers on scheduled international flights
of airline companies that are members of the International Air 5,000 1,200
Transport Association (IATA) increased by 8.1% compared with the
previous year, to approximately 1,440 million. Passengers on sched-
2,500 614 600
uled domestic flights increased by 6.6%, to approximately 2,120
million. Moreover, scheduled global air cargo volume increased by 352
0.8%. (Source: IATA World Air Transport Statistics, 2015) 145

0 0
2010 2011 2012 2013 2014 2015 (Years ended
(Left) Total December)
(Right) Asia Pacific Europe North America Middle East Latin America Africa
Source: IATA (International Air Transport Association), 2016
Performance for the Fiscal Year Ended March 2016 Operating Revenues, Operating Expenses, and
Operating Income
Overview of the ANA Group Operating revenues in the fiscal year ended March 2016 were
The ANA Group, or “the group,” comprises the holding company, higher for the Air Transportation business, our core business, as
ANA HOLDINGS INC.; 117 subsidiaries, including ALL NIPPON well as the Airline Related and Trade and Retail businesses. As a
AIRWAYS CO., LTD., and 45 affiliates; and 62 consolidated subsid- result, consolidated operating revenues increased by 4.5%, or
iaries and 18 equity-method subsidiaries and affiliates as of March ¥77.7 billion year on year, to ¥1,791.1 billion.
31, 2016. Also, the group had 36,273 employees as of March 31, Sales- and operation-linked expenses increased in conjunction
2016, up 1,354 year on year. with the expansion of the company’s business, and we conducted
During the fiscal year ended March 2016, we advanced initia- a one-time write-off of the unamortized balance of goodwill associ-
tives based on the FY2014–16 ANA Group Corporate Strategy. ated with U.S. pilot training company Pan Am Holdings, Inc.
Specifically, we worked toward the enhancement and development Conversely, there was a massive decline in fuel expenses following
of revenue platforms to improve the earnings capacity of the Air the drop in the crude oil price, and we were able to manage
Transportation business and other existing businesses and the increasing costs resulted from expanded operations by steadily
expansion and diversification of revenue domains to increase the implementing Cost Restructuring Initiatives. Accordingly, the
scale of our operations by evolving existing businesses and group’s operating expenses only increased by 2.0%, or ¥32.8
conducting strategic investments. We also implemented Cost billion, to ¥1,654.7 billion.
Restructuring Initiatives in pursuit of higher cost competitiveness. Consequently, operating income increased by 49.1%, or ¥44.9
Based on the successes and remaining issues of these measures, billion, to ¥136.4 billion. The figures for both operating revenues
we established the FY2016–20 ANA Group Corporate Strategy to and operating income represented new record highs.
carry us to a stage of accelerating our growth strategies. The major
initiatives of this plan are to “expand airline business domains” and
“create new businesses and accelerate growth of existing busi-
nesses.” Under this plan, we will simultaneously advance aggres-
sive management aimed at creating new businesses and
innovations and implementing strategic investment and speedy
management for making simple and timely decisions. Through this
approach, we will strive to achieve the value creation targets
defined for the fiscal year ending March 2021 of operating income
of ¥200.0 billion, return on assets (ROA) of 7.6%, return on equity
(ROE) of 9.8%, and earnings per share of ¥32.9.
Review of Operating Segments

The group’s reportable segments have been defined as “Air Transportation,” “Airline Related,” “Travel Services,” and “Trade and Retail.”
Segment Information
(¥ Millions)
Operating Revenues Operating Income (Loss) EBITDA
(Years ended March) 2016 2015 Change 2016 2015 Change 2016 2015 Change
Air Transportation ¥1,553,233 ¥1,484,600 ¥ 68,633 ¥139,757 ¥81,667 ¥ 58,090 ¥271,756 ¥207,104 ¥ 64,652
Airline Related 231,903 223,780 8,123 (4,248) 9,024 (13,272) 1,306 13,720 (12,414)
Travel Services 167,349 169,078 (1,729) 4,291 4,565 (274) 4,395 4,621 (226)
Trade and Retail 140,289 127,029 13,260 5,312 4,067 1,245 6,306 5,023 1,283
Subtotal 2,092,774 2,004,487 88,287 145,112 99,323 45,789 283,763 230,468 53,295
Others 33,754 32,574 1,180 1,659 1,624 35 1,838 1,808 30
Adjustment (335,341) (323,604) (11,737) (10,308) (9,406) (902) (10,308) (9,406) (902)
Total (Consolidated) ¥1,791,187 ¥1,713,457 ¥ 77,730 ¥136,463 ¥91,541 ¥ 44,922 ¥275,293 ¥222,870 ¥ 52,423
Notes: 1. “Others” represents all business segments that are not included in the reportable segments, such as facility management, business support, and other operations.
2. Adjustments of segment profit represent the elimination of intersegment transactions and group management expenses of ANA HOLDINGS INC. and certain other items.
3. Segment operating income is reconciled with operating income in the consolidated financial statements.
4. EBITDA = Operating income + Depreciation and amortization
Air Transportation
Changes in Operating Income (2016 vs 2015)

(¥ Billions) (Years ended March)
Other Revenues Other Expenses
Contracted maintenance and handling,
Depreciation except aircraft, Fuel &
mileage and card, LCC business, etc.
maintenance, etc. Fuel Taxes
International +24.8
Passenger Cargo & Mail +30.6
Sales-Linked
–11.6
+10.5 Operation-Linked
Increase in
Expenses
Commissions and –61.4
+47.3 Increase in
advertising,
+10.5 in-flight services,
Revenues ground handling, etc.
+68.6 Increase +36.5
Domestic Passenger in Profit 139.7
+2.2 +58.0 Landing and navigation fees,
aircraft depreciation, personnel,
outsourcing contracts, etc.
81.6 (¥ Billions) 2016 2015 Change YoY (%)

Operating revenues 1,553.2 1,484.6 +68.6 +4.6
0 Operating expenses 1,413.4 1,402.9 +10.5 +0.8
2015 Operating income 139.7 81.6 +58.0 +71.1 2016
Operating Income Operating Income
Segment operating revenues increased by 4.6%, or ¥68.6 billion In marketing and sales, we utilized the geographic advantages
year on year, to ¥1,553.2 billion. Results by business are as follows. of Haneda to capture demand for flights out of Japan. We also
revised flight timetables to improve the convenience of connecting
In the International Passenger Business, the group continued to through Narita and worked to capture trilateral demand for travel
advance a Dual Hub Network Strategy. We enhanced our network between Asia and North America via Narita. Furthermore, we
of flights in and out of Narita Airport in this fiscal year after expand- stimulated demand for inbound travel to Japan from various
ing ASKs on flights in and out of Haneda Airport during the fiscal countries and deployed other measures to market to a wide range
year ended March 2015. We established routes between Narita of target market segments with the aim of maximizing revenues.
and Houston in June 2015, Narita and Kuala Lumpur in September, On the services front, in April 2015 we introduced full-flat
Narita and Brussels and Haneda and Guangzhou in October, and seats for business class on all Europe and North American routes
Haneda and Sydney in December. In addition, we increased the (excluding Honolulu) and increased the quality of in-flight meals
frequency of flights on routes between Narita and Singapore in and airport lounge services by expanding our collaboration with
June, Narita and Honolulu in July, Narita and Bangkok in August, as highly acclaimed hotels and restaurants representing various
well as routes between Haneda and Beijing, Shanghai, and Hong regions. In December, we improved customer convenience
Kong in October. by means of measures including providing round-the-clock
International Passenger Business Results

(¥ Billions)
(Years ended March) 2016 2015 YoY (%) 600 200
ASKs (Millions) 54,710 49,487 +10.6
RPKs (Millions) 40,635 35,639 +14.0 450 150
Number of passengers (Thousands) 8,167 7,208 +13.3
Load factor (%) 74.3 72.0 +2.3* 300 100
Passenger revenues (¥ Billions) 515.6 468.3 +10.1

Unit revenues (¥) 9.4 9.5 –0.4 150 50
Yield (¥) 12.7 13.1 –3.4

Unit price (¥) 63,136 64,972 –2.8 0 0
’12 ’13 ’14 ’15 ’16 (Years ended March)
* Difference (Left) Passenger Revenues
(Right) ASKs RPKs Yield
Figures for available seat-kilometers, revenue passenger-kilometers,
and yield are indexed using the figures for the fiscal year ended March
2012 as 100.
service through our reservation and information center for inter- decreased from October following the end of temporary use of
national flights. international flight slots for domestic services.
Due to the above, ASKs increased by 10.6% year on year and In regard to sales and marketing, we endeavored to capture
RPKs rose 14.0% while load factor was up by 2.3 percentage points, demand with flexible fare measures including setting fares through
to 74.3%. The number of passengers increased by 13.3%, to 8.16 the promotional fare Tabiwari, an effective pricing plan, based on
million, and unit price decreased by 2.8%, to ¥63,136, following demand trends and introducing the new ANA Discover JAPAN
lower fuel surcharges. As a result, operating revenues in the Fare for inbound visitors, which can be purchased at overseas
International Passenger Business grew by 10.1%, to ¥515.6 billion. travel agencies.
As for services, we deployed ANA FAST TRAVEL, a new board-
In the Domestic Passenger Business, the group continued mea- ing system that makes the procedures undertaken beginning from
sures from the previous fiscal year for matching supply to demand arrival at an airport and ending with boarding simpler, easier to
by controlling its capacity. In the fiscal year ended March 2016, as understand, and smoother. Also, ANA Baggage Drop, a line of
one facet of our implementation of the “Dynamic Fleet Assign self-service baggage drop machines, was introduced at Haneda
Model,” which entails flexibly selecting the optimal aircraft size and New Self Service Check-in Machines that support five lan-
based on demand trends, we increased the number of narrow- guages from four countries were installed at all 53 domestic route
body aircraft to improve load factor. In terms of our network, we airports. We also began providing the ANA Wi-Fi Service in-flight
utilized narrow-body aircraft on the Haneda–Toyama and Haneda– Internet service on domestic flights. This service was previously only
Komatsu routes throughout the fiscal year in consideration of the available on international flights.
impacts of the start operation of the Hokuriku Shinkansen bullet Due to the above, ASKs decreased by 1.3% year on year and
train line. In addition, the number of flights in and out of Okinawa RPKs declined by 0.3%. Meanwhile, load factor increased by 0.7
Airport, including late-night flights on the Haneda–Okinawa route, percentage point, to 64.7%. The number of passengers decreased
were increased, primarily during the high-demand summer months. by 1.2%, to 42.66 million, while unit price was up by 1.6%, to
Flights on the Haneda–Kansai route were also boosted in October ¥16,070. As a result, operating revenues from the Domestic
2015. Meanwhile, flights on certain routes at Haneda were Passenger Business rose by 0.3% to ¥685.6 billion.
Domestic Passenger Business Results

(¥ Billions)
ASKs (Millions) 59,421 60,213 –1.3
RPKs (Millions) 38,470 38,582 –0.3 600 110
Number of passengers (Thousands) 42,664 43,203 –1.2
Load factor (%) 64.7 64.1 +0.7* 400 100
Passenger revenues (¥ Billions) 685.6 683.3 +0.3

Unit revenues (¥) 11.5 11.3 +1.7 200 90
Yield (¥) 17.8 17.7 +0.6

Unit price (¥) 16,070 15,818 +1.6 0 0
* Difference (Left) Passenger Revenues
(Right) ASKs RPKs Yield
Figures for available seat-kilometers, revenue passenger-kilometers,
and yield are indexed using the figures for the fiscal year ended March
2012 as 100.
In the International Cargo Business, we utilized our passenger factors, ATKs increased by 10.1% year on year while RTKs
aircraft network while also reorganizing our freighter network to decreased by 2.1%. Cargo volume was down by 3.7%, to 0.81
better incorporate demand. As new freighter routes, we estab- million tons, and unit price declined by 5.7%, to ¥140, largely due
lished the Narita–Bangkok–Jakarta–Narita route in September to lower fuel surcharges. As a result, operating revenues from the
2015 and the Narita–Xiamen–Okinawa route and the Narita– International Cargo Business decreased by 9.2%, to ¥113.3 billion.
Qingdao–Okinawa route in October. In addition, our 12th freighter In the Domestic Cargo Business, we introduced a new loading
was introduced into our fleet in January 2016. Furthermore, we reservation system in April 2015 and scheduled additional services
expanded joint venture routes with Lufthansa Cargo AG. in August for high-demand periods. However, overall demand was low,
2015, utilizing these routes to address demand for transport from causing declines of 1.8% in cargo volume, to 0.46 million tons;
Europe to Japan along with previously targeted demand for 0.8% in unit price, to ¥68; and 2.6% in operating revenues, to
transport from Japan to Europe. Sales and marketing initiatives ¥31.7 billion.
included strengthening our efforts for capturing demand for In the Mail Business, international operating revenues were up
transport of electronic components and automobile parts from Asia by 13.1%, to ¥6.6 billion, while domestic operating revenues were
to Europe and North America and also for transport of items, down by 2.1%, to ¥3.6 billion.
mainly fresh foods, from Europe and North America to Asia. The As a result, total operating revenues from Cargo and Mail
volume of transactions for trilateral cargo transportation via Japan decreased by 7.0% year on year, to ¥155.3 billion.
increased year on year, but transportation of cargo from Japan
decreased due to overall sluggish demand. As a result of these
Cargo and Mail Business Results

International Cargo Business Results
(¥ Billions)
Cargo and mail services revenues (¥ Billions) 155.3 166.9 –7.0
International cargo ATKs (Millions) 6,040 5,484 +10.1
120 150
RTKs (Millions) 3,532 3,608 –2.1
Cargo volume (Thousand tons) 810 841 –3.7
80 100
Cargo revenues (¥ Billions) 113.3 124.7 –9.2
Unit price (¥/kg) 140 148 –5.7
40 50
Mail revenues (¥ Billions) 6.6 5.8 +13.1
Domestic cargo ATKs (Millions) 1,850 1,883 –1.7
RTKs (Millions) 472 476 –0.9 0 0
Cargo volume (Thousand tons) 466 475 –1.8
(Left) International Cargo Revenues
Cargo revenues (¥ Billions) 31.7 32.5 –2.6 (Right) ATKs RTKs Unit Price
Unit price (¥/kg) 68 69 –0.8 Figures for available ton-kilometers, revenue ton-kilometers and unit
price are indexed using the figures for the fiscal year ended March
Mail revenues (¥ Billions) 3.6 3.7 –2.1 2012 as 100.
In Others of the segment, the group achieved year-on-year LCC Business Results (Vanilla Air Inc.)
increases in revenues from contracted airport handling as well as (Years ended March) 2016 2015 YoY (%)
from ancillary businesses such as credit card and mileage programs. ASKs (Millions) 3,393 2,202 +54.1
The group also recorded higher revenues from the LCC business RPKs (Millions) 2,892 1,767 +63.6
operated by Vanilla Air Inc. As a result, operating revenues from Number of passengers (Thousands) 1,691 1,141 +48.3
Others increased by 18.4% year on year, to ¥196.5 billion. Load factor (%) 85.3 80.3 +5.0*
* Difference
At Vanilla Air, ASKs increased by 54.1% year on year, RPKs
rose by 63.6%, and load factor was up by 5.0 percentage points,
to 85.3%. The number of passengers increased by 48.3%, to
1.69 million. As a result, operating revenues at Vanilla Air grew by
approximately ¥10.0 billion.
Operating Expenses <Landing and Navigation Fees>
Operating expenses in the Air Transportation business increased The number of flights was relatively unchanged year on year for
by 0.8%, or ¥10.5 billion year on year, to ¥1,413.4 billion. The passenger aircraft on domestic operations, increased by 6.2% for
group worked to control rising costs by implementing Cost passenger aircraft on international operations, and rose by 7.1%
Restructuring Initiatives to enhance productivity and streamline for freighters on cargo operations, excluding Vanilla Air flights.
operational processes, while sales- and operation-linked Landing and navigation fees were up by 1.9%, or ¥2.2 billion, to
expenses increased due to business expansion. In addition, fuel ¥116.5 billion, due primarily to the expansion of operation on
expenses decreased significantly as a result of the drop in the international routes.
price of crude oil.
Consequently, the segment’s operating income increased by <Aircraft Leasing Fees>
71.1%, or ¥58.0 billion year on year, to ¥139.7 billion. Aircraft leasing expenses increased by 4.6%, or ¥4.2 billion, year
on year, to ¥95.7 billion. The number of leased aircraft in service
Breakdown of Operating Revenues and Expenses increased by two from the end of previous fiscal year, to 59 at the
(¥ Millions) end of March 2016.
(Years ended March) 2016 2015 YoY (%)
Segment Operating Revenues ¥1,553,233 ¥1,484,600 ¥ 68,633 <Depreciation and Amortization>
Domestic Passenger 685,638 683,369 2,269 Depreciation and amortization expenses increased by 5.3%, or
Cargo 31,740 32,584 (844) ¥6.5 billion, year on year, to ¥132.0 billion. This increase was
Mail 3,665 3,743 (78) largely attributable to the fact that the number of group-owned
International Passenger 515,696 468,321 47,375 aircraft on March 31, 2016 increased by 13 compared with the end
Cargo 113,309 124,772 (11,463) of the previous fiscal year, to 198, and to a rise in depreciation
Mail 6,665 5,894 771 expenses associated with IT-related systems.
Others 196,520 165,917 30,603
Segment Operating Expenses 1,413,476 1,402,933 10,543 <Aircraft Maintenance>
Fuel and Fuel Tax 306,243 367,698 (61,455) Aircraft maintenance expenses increased by 19.5%, or ¥18.0
Landing and Navigation Fees 116,542 114,332 2,210 billion, year on year, to ¥110.7 billion. Primary factors included
Aircraft Leasing Fees 95,737 91,515 4,222 higher costs for replacement aircraft parts and engine maintenance
Depreciation and Amortization 132,023 125,437 6,586 and increased contracting expenses in foreign currencies due to
Aircraft Maintenance 110,753 92,680 18,073 yen depreciation.
Personnel 179,147 167,158 11,989
Sales Commissions and Promotion 105,974 102,663 3,311 <Personnel>
Contracts 186,186 171,200 14,986 Personnel expenses increased by 7.2%, or ¥11.9 billion, year on
Others 180,871 170,250 10,621
year, to ¥179.1 billion, following a rise in the number of employees
in conjunction with the expansion of business scale.
Segment Operating Income ¥ 139,757 ¥ 81,667 ¥ 58,090
<Sales Commissions and Promotion>

<Fuel and Fuel Tax> Sales commissions and promotion expenses increased by 3.2%,
Fuel and fuel tax expenses decreased by 16.7%, or ¥61.4 billion, or ¥3.3 billion, year on year, to ¥105.9 billion. This increase was
year on year to ¥306.2 billion, and accounted for 21.7% of seg- primarily a result of a rise in expenses for sales commissions and
ment operating expenses, compared with 26.2% in the previous promotion that was linked to operating revenue growth.
fiscal year. The main components of the decrease of ¥61.4 billion
were price factors (including hedging) resulting in a decrease of <Contracts>
around ¥75.5 billion and volume factors resulting in an increase of Contracts expenses increased by 8.8%, or ¥14.9 billion, year on
around ¥14.0 billion. year, to ¥186.1 billion. This increase was mainly due to higher
Fuel consumption volume increased due to the expansion of outsourced operations, including internal transactions between
operations on international flights. The group is working to control reportable segments, in conjunction with business scale
the increase in fuel consumption volume through continuous fuel expansion.
conservation efforts, including actively introducing fuel-efficient

aircraft and fuel conservation measures such as adopting more <Others>
efficient flight methods. In the fiscal year ended March 2016, Others increased by 6.2%, or ¥10.6 billion, year on year, to ¥180.8
measures to reduce jet fuel taxes were carried over from the billion. This increase can be attributed to a rise in expenses related
previous fiscal year. to airport lounges and in-flight services seen as part of efforts to
enhance service quality and to higher advertising expenses.
Airline Related Trade and Retail

Segment operating revenues in the fiscal year ended March 2016 In the retail business, ANA DUTY FREE SHOP and ANA FESTA
rose by 3.6%, or ¥8.1 billion, year on year, to ¥231.9 billion. This airport shops achieved solid sales due to the expansion of the
rise was due in part to increased contracts for outsourcing work network at Narita and Haneda and a rise in inbound tourists. Also,
from foreign airlines (boarding procedures, baggage handling, and sales were firm for bananas, a mainstay product in the food
other ground support handling) at Haneda and Kansai airports. business, and aircraft parts and semiconductor assembly orders
However, operating loss of ¥4.2 billion was recorded, in compari- were up in the aerospace & electronics business.
son to operating income of ¥9.0 billion in the previous fiscal year, As a result, for the fiscal year ended March 2016 segment
following a decrease in cargo volume at ANA Cargo Inc. and a operating revenues increased by 10.4%, or ¥13.2 billion, year on
one-time write-off of the unamortized balance of goodwill recorded year to ¥140.2 billion, and operating income rose by 30.6%, or
at the time of acquisition of Pan Am Holdings, Inc. ¥1.2 billion, to ¥5.3 billion.
Performance in the Airline Related Segment Performance in the Trade and Retail Segment
(¥ Millions) (¥ Millions)
(Years ended March) 2016 2015 YoY (%) (Years ended March) 2016 2015 YoY (%)
Segment Operating Revenues ¥231,903 ¥223,780 ¥ 8,123 Segment Operating Revenues ¥140,289 ¥127,029 ¥13,260
Segment Operating Expenses 236,151 214,756 21,395 Segment Operating Expenses 134,977 122,962 12,015
Segment Operating Income (Loss) ¥ (4,248) ¥ 9,024 ¥(13,272) Segment Operating Income ¥ 5,312 ¥ 4,067 ¥ 1,245
Travel Services Others

In domestic travel services, operating revenues increased year on In the Others segment, operating revenues were ¥33.7 billion, an
year. Sales of mainstay ANA Sky Holiday travel packages were up, increase of ¥1.1 billion, or 3.6%, year on year, and operating
mainly for flights to Okinawa and Hokkaido, and sales of Tabisaku income was ¥1.6 billion, an increase of ¥0.03 billion, or 2.2%, due
dynamic packages rose largely for flights to Okinawa and Kansai. to factors such as strong performance in maintenance and prop-
In addition, we enhanced our product lineup with the introduction erty management services for buildings and facilities.
of new products targeting women.
Meanwhile, operating revenues were down year on year in Performance in the Others Segment
(¥ Millions)
overseas travel services. Although we bolstered the product lineup
of our mainstay ANA Hallo Tour travel packages in conjunction with
Segment Operating Revenues ¥33,754 ¥32,574 ¥1,180
the expansion of ANA’s network, sales of these products were
down due to the persistence of yen depreciation and the impacts Segment Operating Expenses 32,095 30,950 1,145
of terrorist attacks in Europe. Meanwhile, revenues from inbound Segment Operating Income ¥ 1,659 ¥ 1,624 ¥ 35
travel to Japan increased due to robust demand from Taiwan,

China, and other countries.
As a result, segment operating revenues decreased by 1.0%,
or ¥1.7 billion, year on year, to ¥167.3 billion, and operating income
was down by 6.0%, or ¥0.2 billion, to ¥4.2 billion.
Performance in the Travel Services Segment

(¥ Millions)
Segment Operating Revenues ¥167,349 ¥169,078 ¥(1,729)
Domestic Package Products 136,293 133,045 3,248
International Package Products 20,589 26,132 (5,543)
Other Revenues 10,467 9,901 566
Segment Operating Expenses 163,058 164,513 (1,455)
Segment Operating Income ¥ 4,291 ¥ 4,565 ¥ (274)
Non-Operating Income / Expenses Cash Flows
Net non-operating expenses totaled ¥5.3 billion, compared with
net non-operating expenses of ¥13.5 billion for the previous Fundamental Approach
fiscal year. The ANA Group’s fundamental approach to cash management is
Primary factors behind this change included an increase in to conduct continuous investments strategically to strengthen its
equity in earnings of non-consolidated subsidiaries and affiliates, a competitiveness over the medium to long term while maintaining
decrease in interest expenses, and the fact that the recording of financial soundness.
provision for accrued employees’ retirement benefit was completed Capital expenditures are ordinarily kept within the scope of cash
in the previous fiscal year. flows from operating activities, including repayment of lease obliga-
tions, to generate free cash flow, which enables us to increase
Non-Operating Income / Expenses shareholders’ equity and control total interest-bearing debt.
(¥ Millions)
The group’s primary means of raising funds are borrowings from
banks and issuing bonds. The group has also concluded commit-
Interest and dividend income ¥ 2,600 ¥ 1,727 ¥ 873 ment lines totaling ¥150.0 billion with 13 leading domestic financial
Interest expenses (11,455) (13,732) 2,277 institutions to ensure reliable access to working capital in case of
Foreign exchange gain/loss, net (2,661) (4,379) 1,718 emergencies. All of the commitment lines were unused as of the
Gain on sales of property and equipment 1,115 3,006 (1,891) end of March 2016.
Loss on sale/disposal of property In terms of investment in aircraft—our primary assets—the
(5,487) (9,550) 4,063
and equipment
group is able to take advantage of programs such as the Japan
Impairment loss (4,925) (111) (4,814)
Bank for International Cooperation (JBIC)’s guarantee system.
Equity in earnings of non-consolidated
3,007 2,150 857
subsidiaries and affiliates
Overview of the Fiscal Year Ended March 2016
Gain on sales of investments in securities 155 296 (141)
The group recorded positive free cash flow of ¥189.4 billion, which
Loss on sales of investments in securities — (222) 222
was the sum of cash flows from operating activities and investing
Valuation loss on investments in securities (77) (409) 332
activities. Net cash used in financing activities totaled ¥133.2
Provision for accrued employees’
— (6,137) 6,137 billion. As a result, cash and cash equivalents at end of year
retirement benefit
increased by ¥56.1 billion from March 31, 2015 to ¥265.1 billion as
Special retirement benefit expenses (136) (89) (47)
of March 31, 2016.
Gain on return of substituted portion of
131 943 (812)
welfare pension fund
Gain on revision of retirement benefit plan — 9,945 (9,945) Cash Flows from Operating Activities
Expenses related to revision of pension plans (399) (55) (344) As a result of adjustments to income before income taxes and
3,632 936 2,696
non-controlling interests for non-cash items including depreciation
Gain on donation of non-current assets
and amortization, accounts and notes payable and accounts and
Special dividend 5,467 — 5,467
notes receivable, and income taxes paid, net cash provided by
Other, net 3,634 2,123 1,511
operating activities was ¥263.8 billion, up ¥56.9 billion year on year.
Total ¥ (5,399) ¥(13,558) ¥ 8,159
Interest Coverage Ratio*

Net Income Attributable to Owners of (Times)
2016 2015
ANA HOLDINGS INC. (Years ended March)
Interest coverage ratio 22.3 14.7

As a result of the above, income before income taxes and non-
controlling interests increased by 68.1%, or ¥53.0 billion, year on * Interest coverage ratio = Cash flows from operating activities / Interest expenses
year, to ¥131.0 billion. After income taxes, municipal taxes,

business taxes, and other adjustments, net income attributable to Cash Flows from Investing Activities
owners of ANA HOLDINGS INC. increased by 99.2%, or ¥38.9 Net cash used in investing activities totaled expenditures of ¥74.4
billion, to ¥78.1 billion. Earnings per share were ¥22.36, compared billion, down ¥136.3 billion year on year. Uses of cash included
with ¥11.24 for the previous fiscal year. payment for purchase of property and equipment totaling ¥252.5
Comprehensive income decreased by 91.6%, or ¥52.3 billion, billion resulting from payments upon delivery of aircraft and other
year on year, to ¥4.8 billion, following a decline in net unrealized assets such as spare parts and advance payments for aircraft to
holding gain on securities and an increase in deferred gain on be purchased. In addition, payment for purchase of intangible
hedging instruments. assets, including investment in software, used cash of ¥28.8 billion.
Conversely, proceeds from sales of property and equipment, which
included aircraft, totaled ¥104.5 billion. Net cash used in investing
activities amounted to ¥175.8 billion when excluding cash move-
ments resulting in net proceeds of ¥101.4 billion from the acquisi-
tion and sale of periodic and negotiable deposits of more than
three months.
Free Cash Flow Fundamental Approach to Aircraft Procurement

As mentioned above, net cash provided by operating activities Aircraft are major investments that are used over the long term for
totaled ¥263.8 billion, and net cash used in investing activities more than 10 years. Decisions regarding the selection of aircraft
amounted to ¥74.4 billion. Consequently, positive free cash flow of types suited to routes and networks and the pursuit of the best
¥189.4 billion was recorded, in comparison to a negative free cash fleet composition are among the most important issues for airline
flow of ¥3.8 billion in the previous fiscal year. Substantial free cash management.
flow came to a positive ¥88.0 billion, compared with a negative The ANA Group’s fleet strategy is based on three basic policies:
¥22.3 billion in the previous fiscal year, when excluding cash strengthening cost competitiveness by introducing fuel-efficient
movements associated with the acquisition and sale of periodic aircraft, matching supply to demand by increasing the ratios of
and negotiable deposits of more than three months. narrow- and medium-body aircraft, and enhancing productivity by
integrating aircraft types.
Cash Flows from Financing Activities Fundamentally, the group purchases and owns strategic aircraft
Net cash used in financing activities was ¥133.2 billion, up ¥102.8 it intends to use over the medium to long term. Also, we employ
billion year on year. Outlays were made in the forms of payment for operating leases to procure aircraft to use over the short term or
dividends and repayment of bonds, long-term debt, and finance for capacity adjustment. The group may also utilize sale and
lease obligations, while proceeds from issuance of bonds and from lease-back as a means of diversifying corporate financing meth-
long-term debt were recorded. ods. In these and other ways, the group constantly selects the
most economical aircraft procurement method.
Capital Expenditures and Aircraft Procurement
Fuel Consumption by Aircraft Type
Capital Expenditures
(%) Domestic Routes* 1 International Routes* 2
Capital expenditures of the group mainly comprise the acquisition
100
of aircraft, spare engines, and aircraft parts and other aircraft- –20 –19
80
related investments as well as investments related to information
60
systems. Capital expenditures in the fiscal year ended March 2016 100 80 100 81
40
increased by 2.4% year on year, to ¥281.4 billion, mainly reflecting
20
investment in aircraft, such as the Boeing 787.
0
By segment, capital expenditures increased by 0.6% year on B777-200 B787-9 B767-300ER B787-8
(Ref.) (Ref.)
year, to ¥269.1 billion in Air Transportation; increased by 48.8%, to 1,388
*1 Figures are per ASK and based on the Haneda–Fukuoka route, with full passengers.
¥10.8 billion in Airline Related; decreased by 4.4%, to ¥0.3 billion in
*2 Figures are per ASK and based on the Narita–Singapore route, with full passengers.
Travel Services; increased by 26.5%, to ¥2.3 billion in Trade and
Retail; and decreased by 94.4%, to ¥0.01 billion in Others.
Capital Expenditures* / Depreciation and Amortization
(¥ Billions)
300 274.7 281.4
250
200 196.8 183.7
162.7
150 123.9 136.1 131.3 138.8
119.2
100
50
0
2012 2013 2014 2015 2016 (Years ended March)
Capital Expenditures Depreciation and Amortization
* Capital investment contains only fixed assets.
Aircraft Procured in the Fiscal Year Conversely, the group sold 15 aircraft during this fiscal year,
Ended March 2016 including three Boeing 777-300s, two Boeing 787-8s, and five
Based on the aforementioned fleet strategy, the number of aircraft Boeing 737-800s, of these aircraft, 10 of which were leased back.
in service increased by 15 compared with March 31, 2015, to 257 The table below shows changes in the number of aircraft in
as of March 31, 2016. During this fiscal year, the group purchased service, including the return of leased aircraft and aircraft leased
19 newly built aircraft, consisting of two Boeing 777-300s, nine outside the group.
Boeing 787-9s, three Boeing 787-8s, and five Boeing 737-800s.
Changes in the Number of Aircraft in Service in the Fiscal Year Ended March 2016
Number of aircraft ( ) changes
Aircraft Remarks
as of March 31, 2016 Owned Leased
Purchased +2
Boeing 777-300 29 (+2) 23 (–1) 6 (+3) Sold –3
Sale and lease-back
Leased-in +3
Boeing 777-200 28 20 8
Boeing 787-9 11 (+9) 11 (+9) 0 Purchased +9
Purchased +3
Boeing 787-8 35 (+3) 31 (+1) 4 (+2) Sold –2
Sale and lease-back
Leased-in +2
Returned –3
Purchase of leased aircraft after return on completion of lease
Purchased +3
Boeing 767-300 38 (–4) 24 (–1) 14 (–3)
Sold –3
Renovation –1 Renovation of owned aircraft (passenger use cargo use)
Leased-in +1
Boeing 767-300F (Freighter) 12 (+2) 8 (+1) 4 (+1)
Renovation +1 Renovation of owned aircraft (passenger use cargo use)
Purchased +5
Boeing 737-800 36 (+5) 24 12 (+5) Sold –5
Sale and lease-back
Leased-in +5
Leased-out –3 Lease of aircraft outside of the group
Boeing 737-700 9 (–3) 9 0 (–3) Returned –3
Purchase of leased aircraft after return on completion of lease
Purchased +3
Boeing 737-500 20 (+3) 20 (+3) 0 Purchased +3 Purchase of aircraft outside of the group
Airbus A320-200 18 (–2) 10 (–2) 8 Sold –2
Returned –3
Bombardier DHC-8-400 21 18 (+3) 3 (–3) Purchase of leased aircraft after return on completion of lease
Purchased +3
Purchased +31 Includes nine aircraft purchased after return on completion of lease
Leased-in +11 Includes sale and lease-back of ten aircraft
Total 257 (+15) 198 (+13) 59 (+2) Sold –15
Returned –9
Leased-out –3
Figures for Airbus A320-200s included 8 aircraft (all leased) operated by Vanilla Air Inc. (8 as of March 31, 2015).
Separate from the figures above, as of March 31, 2016, 16 aircraft were leased outside the group (12 as of March 31, 2015).
Aircraft Procurement Plan for the Fiscal Year one Boeing 787-8, four Airbus A321ceos, three AirbusA320neos,
Ending March 2017 and four Airbus A320ceos. Meanwhile, the group plans to retire 11
The group’s aircraft procurement plan for the fiscal year ending aircraft comprising four Boeing 777-200s, two Boeing 767-300s,
March 2017 involves the introduction of 22 aircraft to promote two Boeing 737-700s, and three Boeing737-500s during the fiscal
expansion on international operations and the transition to use of year ending March 2017.
narrow-body aircraft on domestic operations for the purpose of The group plans to continue to steadily control costs by actively
matching supply to demand. This will include 10 Boeing 787-9s, introducing fuel-efficient aircraft.
Financial Position Interest-Bearing Debt

(¥ Millions)
(As of the end of March) 2016 2015 Change
Assets
Short-term loans: ¥ 94,781 ¥210,029 ¥(115,248)
Total assets decreased by ¥73.6 billion compared with March 31,
Short-term loans 177 200 (23)
2015, to ¥2,228.8 billion, as of March 31, 2016.
Current portion of long-term loans 86,803 138,263 (51,460)
Total current assets amounted to ¥631.1 billion on March 31,
2016, down ¥61.5 billion from a year earlier. Although cash on Current portion of bonds and notes — 65,000 (65,000)
hand and in banks increased by ¥11.3 billion, to ¥55.2 billion, Finance lease obligations 7,801 6,566 1,235
marketable securities decreased by ¥56.3 billion, to ¥222.3 billion. Long-term debt
¥609,105 ¥609,802 ¥ (697)
(excluding current portion)*:
As a result, liquidity on hand from cash on hand and in banks and
Long-term loans 488,172 514,403 (26,231)
marketable securities decreased by ¥44.9 billion, to ¥277.6 billion.
Bonds 105,000 75,000 30,000
The group will endeavor to improve capital efficiency to maintain an
Finance lease obligations 15,933 20,399 (4,466)
appropriate level of cash on hand as it continues to conduct
investments, primarily for aircraft. Total interest-bearing debt ¥703,886 ¥819,831 ¥(115,945)
Total non-current assets at the end of the fiscal year stood at * Excluding current portion of long-term loans and current portion of bonds and notes
¥1,597.0 billion, down ¥11.8 billion from a year earlier. This

decrease was primarily due to a decline in investments and long- Net Assets
term receivables resulted from changes in mark-to-market valua- Total net assets decreased by ¥8.6 billion from the end of the
tion on investment securities and derivative transactions. Deferred previous fiscal year, to ¥794.9 billion, as of March 31, 2016.
income taxes increased from the end of the previous fiscal year Shareholders’ equity increased by ¥65.1 billion from March 31,
due to the aforementioned mark-to-market valuation changes. 2015, to ¥850.2 billion as of March 31, 2016, due in part to
retained earnings rising to ¥253.5 billion, an increase of ¥64.1
Liabilities billion, after the recording of net income attributable to owners of
Total liabilities decreased by ¥64.9 billion compared with the end of ANA HOLDINGS INC. and the payment of dividends.
the previous fiscal year, to ¥1,433.9 billion, as of March 31, 2016. Accumulated other comprehensive loss of ¥60.3 billion was
Total current assets totaled ¥585.4 billion at the end of the fiscal recorded, compared with accumulated other comprehensive
year, a decrease of ¥81.1 billion from a year earlier. This decrease income of ¥13.1 billion in the previous fiscal year. Factors behind
was largely attributable to a ¥51.4 billion decline in current portion this outcome included decreases in net unrealized holding gain on
of long-term loans and the absence of the ¥65.0 billion in current securities and in deferred gain on hedging instruments.
portion of bonds and notes recorded in the previous fiscal year. As a result, total shareholders’ equity decreased by ¥8.3 billion,
Total long-term liabilities amounted to ¥848.4 billion on March coming to ¥789.8 billion at the end of the fiscal year. The share-
31, 2016, an increase of ¥16.2 billion from a year earlier. This result holders’ equity ratio increased 0.8 percentage point, to 35.4%.
was primarily due to a ¥30.0 billion increase in bonds. Book value per share (BPS) decreased from ¥228.45 to ¥225.87.
Interest-bearing debt, including finance lease obligations,
decreased by ¥115.9 billion, to ¥703.8 billion. The debt/equity ratio Bond Ratings
declined from 1.0 time to 0.9 times. The debt/equity ratio including
off-balanced lease obligations decreased from 1.1 times to 1.0 time. The company has obtained ratings on its long-term bonds from
Japan Credit Rating Agency, Ltd. (JCR), and Rating and
Interest-Bearing Debt / Debt/Equity Ratio* Investment Information, Inc. (R&I).
JCR’s outlook was revised from “Stable” to “Positive” and the
(¥ Billions) (Times)
rating from R&I was changed from BBB+ to A– during the fiscal
1,000 963.6 2.0
1.8
897.1
834.7 year ended March 2016. Bond ratings as of March 31, 2016 were
819.8
750 703,8 1.5 as follows:
1.2
1.1
500 1.0 0.9 1.0
Bond Ratings
250 0.5 JCR R&I
(Revised October 2007) (Revised March 2016)
0 0 Issuer rating A– A–
2012 2013 2014 2015 2016
(Revised March 2016)
(Years ended March) Outlook Stable
(Left) Interest-Bearing Debt (Right) Debt/Equity Ratio*
Stable –> Positive
* Excluding off-balanced lease obligations
Retirement Benefit Obligation group had a hedge ratio for U.S. dollar fuel payments of approxi-
mately 75% for the fiscal year ending March 2017, approximately
The ANA Group’s defined benefit plans consist of welfare pension 50% for the fiscal year ending March 2018, and approximately
fund plans, defined benefit corporate pension plans, and lump-sum 15% for the fiscal year ending March 2019.
retirement benefit plans. In addition, the group has adopted
defined contribution pension plans. Certain employees are entitled <Fuel price sensitivity>
to additional benefits upon retirement. Fuel price sensitivity to fluctuations in crude oil prices for the fiscal
Certain consolidated subsidiaries adopting defined-benefit year ending March 2017 is as follows (calculated at the beginning
corporate pension plans and lump-sum retirement benefit plans of the fiscal year, excluding hedging):
use a simplified method for calculating retirement benefit expenses
and liabilities. • Fuel expenses:
Approximately ¥3.3 billion per year
Retirement Benefit Obligation and Related Expenses (change of US$1/bbl of crude oil)
(¥ Millions)
(As of the end of / years ended March) 2016 2015 <Foreign exchange rate sensitivity>
Retirement benefit obligation ¥(238,030) ¥(240,684) Operating income sensitivity to foreign exchange rate movements
Plan assets at fair value 74,748 80,199 for the fiscal year ending March 2017 is as follows (calculated at
Unfunded retirement benefit obligation (163,282) (160,485) the beginning of the fiscal year, including hedging*):
Liability for retirement benefits (163,351) (160,562)
Asset for retirement benefits 69 77 • Operating income:
Net liability and asset for A decrease of approximately ¥0.0 billion per year
(163,282) (160,485)
retirement benefits in the balance sheet (¥1 depreciation versus US$1*)
Retirement benefit expenses of
13,627 17,049 * Assumptions: The foreign currency hedge ratio for fuel expenses was approximately 75% at the beginning
defined benefit corporate pension plans
of the fiscal year. For foreign currencies other than the U.S. dollar, a depreciation similar to a ¥1 deprecia-
Main basis for actuarial calculations tion versus US$1 is assumed.
Discount rates 0.1–1.2% 0.8–1.6%
Expected rates of return on plan assets 1.5–5.5% 1.5–5.5%
Allocation of Profits
Contribution to defined contribution pension plans ¥ 3,787 ¥ 11,937
Basic Policy on Allocation of Profits

Fuel Price and Exchange Rate Hedging Shareholder returns are an important management priority for the
company.
The ANA Group has been pursuing and conducting optimal hedge The company intends to increase shareholder returns. This goal
transactions that reduce the impact of volatility in fuel prices and will be accomplished while securing the funds needed to conduct
foreign exchange rates in order to control the risk of fluctuation in growth investments, such as in aircraft, to support future business
earnings. The objective of this hedging is to stabilize profitability, development. We consider the need to accumulate shareholders’
not just to equalize expenses, because recent business expan- equity to maintain an appropriate level of free cash flow and
sion—mainly in international operations—had led to increases in financial soundness over the future. In addition, we are examining
fuel surcharge and foreign currency revenues. the possibility of adopting the total return ratio as a benchmark to
For fuel, the group conducts fuel hedging three years in be targeted in the future.
advance of the applicable period after considering fuel surcharge
revenues. As of March 31, 2016, the group had a hedge ratio of Dividends for the Fiscal Year Ended March 2016
approximately 40% for the fiscal year ending March 2017, and Plans for the Fiscal Year Ending March 2017
approximately 25% for the fiscal year ending March 2018, and For the fiscal year ended March 2016, the company paid cash
approximately 10% for the fiscal year ending March 2019. dividends of ¥5.00 per share, ¥1.00 more than in the previous
For foreign exchange, the group hedges U.S. dollar payments fiscal year, as initially planned, after due consideration of factors
for fuel expenses three years in advance, and payments associated including results for the fiscal year, financial conditions, and the
with capital expenditures for aircraft and other items five years in future outlook for the operating environment.
advance of the applicable periods. The group considers the For the fiscal year ending March 2017, the company expects to
balance of foreign currency revenues, revenues linked to foreign pay cash dividends of ¥6.00 per share, ¥1.00 more than in the
exchange market fluctuations, and foreign currency expenses with fiscal year ended March 2016, based on its earnings forecast
respect to U.S. dollar payments and uses forward exchange announced on April 28, 2016.
agreements to hedge any portion of foreign currency expenses in
excess of foreign currency reserves. As of March 31, 2016, the
Operating Risks
The following risks could have a significant effect on the judgment of investors in the ANA Group, or “the group.” Further, the forward-
looking statements in the following section are the group’s judgments as of March 31, 2016.
(1) Risk of Economic Recession increase from 447 thousand to 486 thousand per year at Haneda
Airport, and from 300 thousand to 340 thousand at Narita Airport.
The airline industry is susceptible to the effects of economic However, if the allocation of slots or the timing of the allocation of
trends, and if the domestic and global economy is sluggish, this slots at the two Tokyo metropolitan area airports (Haneda and
may cause decline of demand for air travel due to deterioration in Narita) differs from the group’s projections, it could affect achieve-
personal consumption and corporate earnings. ment of the targets of the group management strategy.
International operations (passenger and cargo) depend on
overseas markets, especially China, other parts of Asia, and 3. Risks Related to the LCC Business
North America, and economic conditions in these regions could In the LCC business, the group might not obtain the desired
lead to a decline in the passenger and cargo volume or a fall in results from entering the LCC business if it fails to achieve the
the unit price. objective of creating new passenger demand, or if competition
intensifies with domestic or overseas LCCs. Additionally, flight
(2) Risks Related to the Group’s Management crew shortages and outflows of flight crew personnel to other
Strategy airlines could preclude the execution of the group management
strategy. Furthermore, customers could turn away from LCCs as
1. Risks Related to the Group’s Fleet Strategy a result of accidents and other safety incidents caused by LCCs,
In the Air Transportation business, the group is pursuing a fleet including those overseas.
strategy centered on introducing highly economical aircraft,
integrating aircraft types, and better optimizing supply to 4. Risks Related to Strategic Investments
demand. This strategy involves ordering aircraft from The Boeing The group may enter new businesses and invest in or acquire
Company, Airbus S.A.S., Bombardier Inc., and Mitsubishi Aircraft other companies to further expand its business in growth areas.
Corporation. Delays in delivery from any of those four companies These investments and other initiatives may not produce the
for financial or other reasons could create obstacles to the intended effects. Moreover, if the interests of equity investors do
group’s operations. not align, the joint venture may not operate in the manner the
In addition, elements of the fleet strategy could prove group considers appropriate. If joint venture operations deterio-
ineffective or their expected benefits could diminish significantly rate, the group may be exposed to an economic cost burden. In
due to the factors given below. addition, equity investors other than the group may experience
poor financial results or withdraw from the business.
1) Dependence on The Boeing Company The group may also expand into foreign countries, and enter
In accordance with the above fleet strategy, the group has into businesses with remote relation to the airline business. These
ordered a large number of the aircraft from The Boeing Company initiatives may incur unforeseen detriments.
(Boeing). Therefore, should financial or other issues render Boeing
unable to fulfill its agreements with the group or companies such (3) Risks Related to Crude Oil Price Fluctuations
as those that maintain Boeing products, the group would be
unable to acquire or maintain aircraft in accordance with its fleet Jet fuel is a crude oil derivative and its price tracks the price of
strategy. Such eventualities could affect the group’s operations. crude oil. Variance that exceeds the group estimates for factors
that affect the price of crude oil, including political instability in
2) Delay of Aircraft Development Plans by Mitsubishi oil-producing nations, increased demand for crude oil due to
Aircraft Corporation rapid economic growth in emerging countries, reductions in oil
The group has decided to introduce the Mitsubishi Regional Jet stockpiles or reserves, speculative investment in crude oil, and
(MRJ) that Mitsubishi Aircraft Corporation is developing, with delivery natural disasters can affect the group’s performance as follows.
scheduled for midway through the fiscal year ending March 2019.
Delivery delays could create obstacles to the group’s operations. 1. Risk of Increase in Crude Oil Prices
Generally, an increase in the price of crude oil causes an
2. Risks Related to Flight Slots increase in the price of jet fuel, which imposes substantial
The group has made various investments and operational additional costs on the group. Accordingly, to control the risk of
changes to take advantage of significant business opportunities fluctuations in the price of jet fuel and to stabilize operating
created by the expansion of slots at Haneda and Narita airports. income, the group hedges risks using crude oil and jet fuel
By the fiscal year ending March 2021, slots are expected to commodity derivatives in planned, continuous hedging
transactions for specific periods of time. In the event that crude upon hedge positions and other factors, this may preclude
oil prices rise over a short period, there are limitations to the immediate reflection in lower jet fuel costs and impact the group’s
group’s ability to offset increases in crude oil prices through the ability to enjoy the benefits from appreciation of the yen.
ongoing cost reductions as well as raising fares and charges. For
these reasons, the group may be unable to avoid the influence of (6) Risks Related to the International Situation
a sharp increase in crude oil prices completely, depending on
factors such as hedging positions. The group currently operates international routes, primarily to
North America, Europe, China, and other parts of Asia. Going
2. Risk of Sudden Decrease in Crude Oil Prices forward, incidents including political instability, international
The group hedges against changes in the price of crude oil. conflicts, large-scale terrorist attacks, or deterioration in diplo-
Therefore, a sudden decrease in oil prices may not directly matic relations with countries where the group operates and has
contribute to earnings because, in addition to decreases in or offices and other bases could affect the group’s performance due
expiration of fuel surcharges, hedge positions and other market to the accompanying decrease in demand for travel on these
conditions may preclude the immediate reflection of a sudden international routes.
drop in crude oil prices in results.
(7) Risks Related to Statutory Regulations
(4) Risks Related to Pandemic Illnesses Including
New Strains of Influenza As an airline operator, the group undertakes operations based on
the stipulations of statutory regulations relating to airline opera-
All of the group’s businesses including but not limited to its tions. The group is required to conduct passenger and cargo
international routes are exposed to the risk of a decline in operations on international routes in accordance with the stipula-
demand due to the outbreak and spread of major illnesses tions of international agreements, including treaties, bilateral
including new strains of influenza. The spread of disease and the agreements, and the decisions of the International Air Transport
harm it may cause, including reduced desire to travel by air Association (IATA) and the International Civil Aviation Organization
among customers due to rumors, could affect the group’s (ICAO). The group’s fares, airspace, operating schedule and
performance by causing the number of passengers on the safety management are subject to a variety of constraints due to
group’s domestic and international routes to drop sharply. these regulations. Further, the group’s operations are constrained
Furthermore, more employees and contractors than expected by the Japanese Antitrust Law and similar laws and regulations in
could fall ill due to the spread of highly contagious new strains of other countries with regard to the pricing of fares and charges.
influenza and other diseases, or due to increased virulence
caused by changes in its profile, which could affect the continuity (8) Risks Related to Litigation
of the group’s operations.
The group could be subject to various lawsuits in connection with
(5) Risks Related to Foreign Exchange Rate its business activities, which could affect the group’s perfor-
Fluctuations mance. Moreover, the following may result in lawsuits or other
legal action in the future, which could result in similar investiga-
The group’s expenditures in foreign currencies are greater than its tions in other countries and regions.
revenues in foreign currencies. Therefore, depreciation of the yen Upon overall consideration of various circumstances, the
affects the group’s profits. Accordingly, to the greatest extent company reached a plea bargain agreement with regard to the
possible, foreign currency taken in as revenue is used to pay investigation being conducted by the United States Department
expenses denominated in the same foreign currency to minimize of Justice into price adjustments relating to international air cargo
the impact on operating income from the risk of fluctuations in and passenger transport services. However, no claim amount has
foreign exchange rates. In addition, the group uses forward been specified with regard to the class action related to air
exchange agreements and currency options for a portion of the passenger transport, and it is therefore difficult to provide details
foreign currency needed for its purchases of aircraft and jet fuel to or give a detailed analysis at this time.
stabilize and control payment amounts on a yen conversion
basis. However, there are limits to the extent to which the group (9) Risks Related to Public-Sector Fees
can reduce and offset costs by adjusting fares and charges

should costs increase due to the rapid depreciation of the yen in Public-sector fees include jet fuel taxes, landing fees, and fees for
the foreign exchange market over a short period of time. the use of navigational facilities. The Japanese government is
Accordingly, such an occurrence could, depending on hedge currently implementing temporary measures to reduce jet fuel taxes
positions and other factors, affect group income and expendi- and landing fees but could scale back or terminate these measures
tures. Conversely, if the yen should appreciate rapidly in the in the future, which could affect the group’s performance.
foreign exchange market over a short period of time, depending
Operating Risks
(10) Risks Related to Environmental Regulations more competitive; bilateral alliances between member companies
end; an alliance partner performs poorly, restructures, or becomes
In recent years, numerous Japanese and overseas statutory less creditworthy; or restrictions on alliance activities are tight-
environmental protection regulations have been introduced or ened due to external factors. Such eventualities could affect the
strengthened with regard to such issues as noise, aircraft emis- group’s performance.
sions of CO2 and other greenhouse gases, use of environmentally
polluting substances and their disposal, and energy use at major (14) Risks Related to Flight Operations
offices. Compliance with such statutory regulations imposes a
considerable cost burden on the group and business activities 1. Aircraft Accidents
may be constrained or additional significant expenses incurred if An aircraft accident involving a flight operated by the group or a
new regulations are introduced, such as a globally shared envi- code-share partner could cause a drop in customer confidence
ronment tax related to an international greenhouse gas emissions and impair the group’s public reputation, creating a medium- to
credit trading scheme planned for implementation by 2020. long-term downturn in demand that could significantly affect the
group’s performance. On June 20, 2012, ANA Flight 956 experi-
(11) Risks Related to the Operating Environment enced a hard landing, resulting in partial damage to the aircraft.
of the Airline Industry MLIT’s Transport Safety Board is now determining the cause of
this incident, with announcements of the final results of the
There could be material changes in the current competitive and investigation planned in the future.
operating environment within Japan, such as changes in aviation Major accidents suffered by other airlines could similarly lead
policy or regional policy, as well as changes in the standing of to a reduction in aviation demand that could affect the group’s
competitors due to mergers or capital tie-ups stemming from performance. An aircraft accident would give rise to significant
bankruptcies and other factors. These changes could affect the expenses including compensation for damages and the repair or
group’s performance. replacement of aircraft, but aviation insurance would not cover all
such direct expenses.
(12) Risks Related to Competition
2. Technical Circular Directives
The possibility of future increases in costs related to the group’s If an issue arises that significantly compromises the safety of an
operations due to such factors as jet fuel expenses, financing aircraft, MLIT by law issues a technical circular directive. In some
cost, and responses to environmental regulations cannot be cases, all aircraft of the same model might be grounded until the
ruled out. If such costs increase, in order to secure income, it will measures to improve the airworthiness of the aircraft and equip-
be necessary for the group to cut costs through such means as ment have been implemented as directed. Even when the law
reducing indirect fixed costs, and to pass on costs through does not require a directive to be issued, in some cases when
higher fares and charges. However, because the group is in safety cannot be confirmed from a technical perspective, opera-
competition with other airlines and LCCs in Japan and overseas tion of the same model might be voluntarily suspended and
as well as with alternative modes of transportation, such as the repairs or replacements made. The occurrence of such a situation
Shinkansen, on certain routes, passing on costs could diminish could affect the group’s safety credibility or performance.
competitiveness. Further, price competition with competitors Of particular note, the group has been consolidating its fleet
greatly restricts the passing on of costs that could affect the around the Boeing 787 and other new models. The discovery of a
group’s performance. design flaw or technical issue with new aircraft upon which the
group depends could profoundly affect the group’s performance.
(13) Risks Related to Ineffective Strategic Alliances
(15) Risks Related to Unauthorized Disclosure of
The group belongs to the Star Alliance. Based on antitrust Customer Information and Other Data
immunity (ATI) approval, joint venture operations are introduced in
collaboration with United Airlines in the network between Asia The group holds a large amount of information relating to custom-
and the United States, and with Lufthansa and Lufthansa group ers, such as that pertaining to the approximately 29.45 million
companies Swiss International Air Lines, Austrian Airlines, and members (as of the end of March 2016) of the ANA Mileage Club.
Lufthansa Cargo AG. in the network between Japan and Europe. The Personal Information Protection Law requires proper manage-
The group has also entered into individual agreements, mainly in ment of such personal information. The group has established a
Asia, that go beyond the frameworks of these alliances. privacy policy, apprised customers of the group’s stance regarding
However, the benefits of Star Alliance membership might the handling of personal information, and established measures to
diminish if the alliance is broken up by antitrust laws in various counter any foreseeable contingency to ensure information secu-
countries; an alliance partner withdraws from the Star Alliance or rity, including in its IT systems. In addition, work procedures and
changes its business policies; another alliance group becomes information systems are continuously monitored and revised to
eliminate any potential security gaps. Despite these precautions, group’s performance. Further, the group’s information systems are
the occurrence of a major leak of personal information caused by also used by its strategic partners, so there is a possibility that the
unauthorized access, an error in conducting business, or some impact of systems failure would not be limited to the group.
other factor could carry significant costs, in terms of both compen-
sation and loss of public confidence, which could affect the (19) Risks Related to Personnel and Labor
group’s performance.
Many group employees belong to labor unions. Events including
(16) Risks Related to Disasters a collective strike by group employees could have an effect on
the group’s aircraft operation.
The extended closure or operational restriction of airports or
flight path restrictions due to disasters including an earthquake, (20) Risk of Inability to Secure Required Personnel
a tsunami, a flood, a typhoon, heavy snow, a volcanic eruption,
an infectious disease, a strike, or a riot could impact flight The start of the LCC business and other factors have increased
operations using affected airports and routes or result in signifi- demand for flight crews and other personnel. A certain period of
cantly reduced demand for air transportation, which could affect time is required to cultivate and train flight crews and other
the group’s performance. personnel. Inability to secure the required number of competent
In particular, the group’s data center is located in the Tokyo flight crews and other personnel in a timely manner could affect
metropolitan area, while the operational control for all of the group’s the group’s performance. In addition, a change of the supply-
domestic and international flights is conducted at Haneda Airport demand balance in labor markets could lead to personnel short-
and most of the group’s passengers use Tokyo metropolitan area ages in airport handling and other operations, as well as a sharp
airports. As a result, a major disaster, such as an earthquake or a increase in wage levels.
typhoon; a disaster at the abovementioned facilities, such as a fire;
or a strike that closes the airports or limits their access could lead (21) Financial Risks
to a long-term shutdown of the group’s information systems,
operational control functions or its operations themselves that 1. Increase in the Cost of Financing
could significantly affect the group’s performance. The group raises funds to acquire aircraft primarily through bank
loans and bond issuances. However, the cost of financing could
(17) Risks Related to Income and increase due to deteriorating conditions in the airline industry, the
Expense Structure turmoil in capital and financial markets, changes in the tax
system, changes in the government’s interest rate policy, changes
Expenses that are largely unaffected by passenger load factors, to the guarantee systems at governmental financial institutions, or
including fixed costs such as aircraft expenses, along with fuel a downgrade of the company’s credit rating that makes it difficult
expenses and landing and navigation fees which are largely or impossible to finance on terms advantageous to the group.
determined by the type of aircraft, account for a significant Such eventualities could affect the group’s performance.
proportion of the group’s costs, which limits the group’s ability to
immediately change the scale of its operations in response to 2. Risks Related to Asset Impairment or Other Issues
changes in economic conditions. Therefore, decreases in the The group owns extensive property and equipment as a function
number of passengers or volume of cargo could have a large of its businesses. If the profitability of various operations deterio-
impact on the group’s income and expenses. rates, or a decision is made to sell an asset, the group may be
Moreover, a significant decrease in demand during the required to recognize asset impairment losses or loss on sales
summer could affect the group’s performance for that fiscal year of property and equipment in the future.
because passenger service sales typically increase during
summer.
(18) Risks Related to IT Systems
The group is highly dependent on information systems for such

critical functions as customer service and operational management.

A major disruption of one of those systems or of telecommunica-
tions networks caused by natural disasters, accidents, computer
viruses or unauthorized access, power supply constraints, large-
scale power outages, or system failures or malfunctions would
make it difficult to maintain customer service and operations and
would result in a loss of public confidence, which could affect the
Consolidated Financial Statements
Consolidated Balance Sheet
ANA HOLDINGS INC. and its consolidated subsidiaries
As of March 31, 2016 and 2015
U.S. dollars
(Thousands)
ASSETS 2016 2015 2016
Current assets:
Cash and deposits ¥ 55,293 ¥ 43,901 $ 490,708
Marketable securities (Note 4) 222,380 278,692 1,973,553
Accounts receivable, less allowance for doubtful accounts
(¥149 million ($1,322 thousand) in 2016 and ¥185 million in 2015) 141,078 147,691 1,252,023
Accounts receivable from and advances to non-consolidated subsidiaries
and affiliates 3,867 4,037 34,318
Inventories 61,853 63,370 548,926
Deferred income taxes – current (Note 9) 50,832 33,216 451,118
Prepaid expenses and other current assets 95,885 121,876 850,949
Total current assets 631,188 692,783 5,601,597
Investments and long-term receivables:

Investments in securities (Note 4) 67,840 83,914 602,058
Investments in and advances to non-consolidated subsidiaries and affiliates (Note 5) 41,461 36,761 367,953
Lease and guaranty deposits 10,044 10,153 89,137
Other long-term receivables 13,053 62,785 115,841
Total investments and long-term receivables 132,398 193,613 1,174,991
Property and equipment (Notes 6 and 11):

Flight equipment 1,636,814 1,526,849 14,526,215
Ground property and equipment 509,494 502,938 4,521,600
2,146,308 2,029,787 19,047,816
Less accumulated depreciation (1,013,960) (953,645) (8,998,580)
1,132,348 1,076,142 10,049,236
Leased assets, net 9,963 12,918 88,418
Advance payments on aircraft purchase contracts 179,917 200,859 1,596,707
Construction in progress 5,726 5,289 50,816
Total net property and equipment 1,327,954 1,295,208 11,785,179
Deferred income taxes – non-current (Note 9) 55,974 34,835 496,751

Other assets 81,294 85,998 721,458
Total assets ¥ 2,228,808 ¥2,302,437 $19,779,978
U.S. dollars
(Thousands)
LIABILITIES AND NET ASSETS 2016 2015 2016
Current liabilities:
Short-term loans payable, including current portion of long-term debt payable,
bonds payable and finance lease obligations (Note 6) ¥ 94,781 ¥ 210,029 $ 841,151
Accounts payable 165,578 183,232 1,469,453
Accounts payable to non-consolidated subsidiaries and affiliates 4,741 3,813 42,074
Advance ticket sales 128,618 120,449 1,141,444
Accrued expenses 60,876 49,911 540,255
Accrued income taxes 43,573 26,179 386,696
Asset retirement obligations (Note 8) 8 81 70
Other current liabilities 87,315 72,983 774,893
Total current liabilities 585,490 666,677 5,196,041
Long-term liabilities:
Long-term debt payable, less current portion, and finance lease obligations (Note 6) 609,105 609,802 5,405,617
Net defined benefit liabilities (Note 7) 163,351 160,562 1,449,689
Deferred income taxes – non-current (Note 9) 1,409 2,779 12,504
Asset retirement obligations (Note 8) 941 744 8,351
Other long-term liabilities 73,612 58,321 653,283
Total long-term liabilities 848,418 832,208 7,529,446
Commitments and contingent liabilities (Note 13)
Net assets (Note 12):

Shareholders’ equity 850,278 785,082 7,545,953
Capital stock:
Authorized – 5,100,000,000 shares
Issued – 3,516,425,257 shares at March 31, 2016 and 2015 318,789 318,789 2,829,153
Capital surplus 282,774 282,209 2,509,531
Retained earnings 253,545 189,353 2,250,133
Treasury stock (19,227,093 shares at March 31, 2016 and
22,069,782 shares at March 31, 2015) (4,830) (5,269) (42,864)
Accumulated other comprehensive income (60,382) 13,198 (535,871)
Net unrealized holding gain on securities 19,527 30,684 173,296
Deferred (loss) gain on hedging instruments (51,620) 5,279 (458,111)
Remeasurements of defined benefit plans (32,162) (26,620) (285,427)
Foreign currency translation adjustments 3,873 3,855 34,371

Non-controlling interests 5,004 5,272 44,408
Total net assets 794,900 803,552 7,054,490
Total liabilities and net assets ¥2,228,808 ¥2,302,437 $19,779,978
See accompanying notes to consolidated financial statements.
Consolidated Statement of Income
Years ended March 31, 2016 and 2015
U.S. dollars
(Thousands)
2016 2015 2016
Operating revenues ¥1,791,187 ¥1,713,457 $15,896,228
Cost of sales 1,337,540 1,335,084 11,870,252
Gross profit 453,647 378,373 4,025,976
Selling, general and administrative expenses 317,184 286,832 2,814,909
Operating income 136,463 91,541 1,211,066
Non-operating income:
Interest income 792 775 7,028
Dividend income 1,808 952 16,045
Equity in earnings of non-consolidated subsidiaries and affiliates 3,007 2,150 26,686
Gain on sales of assets 1,115 2,325 9,895
Gain on donation of non-current assets 3,632 936 32,232
Other 5,596 5,361 49,662
Total non-operating income 15,950 12,499 141,551
Non-operating expenses:
Interest expenses 11,455 13,732 101,659
Foreign exchange loss, net 2,661 4,379 23,615
Loss on sales of assets 117 3,147 1,038
Loss on disposal of assets 5,370 6,332 47,657
Amortization of net retirement benefit obligation at transition − 6,137 −
Other 2,085 3,184 18,503
Total non-operating expenses 21,688 36,911 192,474
Ordinary income 130,725 67,129 1,160,143
Extraordinary income:
Gain on sales of property and equipment − 681 −
Gain on sales of investment securities 155 296 1,375
Gain on return of substituted portion of welfare pension fund 131 943 1,162
Subsidy 28 23 248
Special dividend 5,467 – 48,517
Gain on revision of retirement benefit plan − 9,945 −
Other 95 97 843
Total extraordinary income 5,876 11,985 52,147
Extraordinary loss:
Loss on sales of property and equipment − 71 −
Impairment loss (Note 19) 4,925 111 43,707
Loss on sales of investments in securities − 222 −
Valuation loss on investments in securities 77 409 683
Special retirement benefit expenses 136 89 1,206
Settlement package – 165 −
Expenses related to revision of pension plans 399 55 3,541
Other – 9 −
Total extraordinary loss 5,537 1,131 49,139
Income before income taxes and non-controlling interests 131,064 77,983 1,163,152
Income taxes (Note 9):
Income taxes – current 60,401 30,971 536,040
Income taxes – deferred (7,923) 6,985 (70,314)
Total income taxes 52,478 37,956 465,725
Net income before non-controlling interests 78,586 40,027 697,426
Net income attributable to non-controlling interests 417 788 3,700
Net income attributable to owners of ANA HOLDINGS INC. ¥ 78,169 ¥ 39,239 $ 693,725
Consolidated Statement of Comprehensive Income
U.S. dollars
(Thousands)
2016 2015 2016
Net income before non-controlling interests ¥ 78,586 ¥ 40,027 $ 697,426
Other comprehensive income:
Net unrealized holding (loss) or gain on securities (11,071) 20,232 (98,251)
Deferred (loss) on hedging instruments (56,411) (10,021) (500,630)
Foreign currency translation adjustments (160) 3,181 (1,419)
Remeasurements of defined benefit plans (5,512) 3,458 (48,917)
Share of other comprehensive income of affiliates accounted for by the equity-method (606) 265 (5,378)
Accumulated other comprehensive income (Note 10) (73,760) 17,115 (654,597)
Comprehensive income ¥ 4,826 ¥ 57,142 $ 42,829
Total comprehensive income attributable to:
Owners of ANA HOLDINGS INC. ¥ 4,589 ¥ 56,298 $ 40,725
Non-controlling interests ¥ 237 ¥ 844 $ 2,103
Consolidated Statement of Changes in Net Assets
Yen (Millions)
Shareholders’ equity Accumulated other comprehensive income
Total
Net unrealized Deferred gain Foreign accumulated
Retained Total holding gain (or loss) on currency Remeasurements other
Capital stock Capital surplus earnings Treasury stock shareholders’ (or loss) on hedging translation of defined comprehensive Non-controlling Total
(Note 12) (Note 12) (Note 12) (Note 12) equity securities instruments adjustments benefit plans income interests net assets
Balance at April 1, 2014 ¥318,789 ¥281,955 ¥155,820 ¥(6,330) ¥750,234 ¥ 10,201 ¥ 15,350 ¥ 453 ¥(30,168) ¥ (4,164) ¥5,221 ¥751,291
Cumulative effects of changes
in accounting policy 3,715 3,715 3,715
Restated balance at
April 1, 2014 318,789 281,955 159,535 (6,330) 753,949 10,201 15,350 453 (30,168) (4,164) 5,221 755,006
Changes of items during the
fiscal year
Cash dividends paid (10,467) (10,467) (10,467)
Net income attributable to
owners of ANA HOLDINGS
INC. 39,239 39,239 39,239
(Decrease) resulting from
purchase of treasury stock (49) (49) (49)
Disposal of treasury stock 254 1,110 1,364 1,364
Changes in scope of
consolidation 1,046 1,046 1,046
Net changes of items other
than shareholders' equity
during the fiscal year − 20,483 (10,071) 3,402 3,548 17,362 51 17,413
Total changes during the
fiscal year − 254 29,818 1,061 31,133 20,483 (10,071) 3,402 3,548 17,362 51 48,546
Balance at April 1, 2015 318,789 282,209 189,353 (5,269) 785,082 30,684 5,279 3,855 (26,620) 13,198 5,272 803,552
fiscal year
INC. 78,169 78,169 78,169
purchase of treasury stock (482) (482) (482)
Disposal of treasury stock 565 921 1,486 1,486
than shareholders’ equity
during the fiscal year – (11,157) (56,899) 18 (5,542) (73,580) (268) (73,848)
fiscal year – 565 64,192 439 65,196 (11,157) (56,899) 18 (5,542) (73,580) (268) (8,652)
Balance at March 31, 2016 ¥318,789 ¥282,774 ¥253,545 ¥(4,830) ¥850,278 ¥ 19,527 ¥(51,620) ¥3,873 ¥(32,162) ¥(60,382) ¥5,004 ¥794,900
U.S. dollars (Thousands) (Note 3)

Shareholders’ equity Accumulated other comprehensive income
Total
Net unrealized Deferred gain Foreign accumulated
Retained Total holding gain (or loss) on currency Remeasurements other
Capital stock Capital surplus earnings Treasury stock shareholders’ (or loss) on hedging translation of defined comprehensive Non-controlling Total
(Note 12) (Note 12) (Note 12) (Note 12) equity securities instruments adjustments benefit plans income interests net assets
Balance at April 1, 2015 $2,829,153 $2,504,517 $1,680,449 $(46,760) $6,967,358 $272,310 $ 46,849 $34,211 $(236,244) $ 117,128 $46,787 $7,131,274
fiscal year
INC. 693,725 693,725 693,725
purchase of treasury stock (4,277) (4,277) (4,277)
Disposal of treasury stock 5,014 8,173 13,187 13,187
than shareholders’ equity
during the consolidated
fiscal year – (99,014) (504,960) 159 (49,183) (652,999) (2,378) (655,378)
fiscal year – 5,014 569,684 3,895 578,594 (99,014) (504,960) 159 (49,183) (652,999) (2,378) (76,783)
Balance at March 31, 2016 $2,829,153 $2,509,531 $2,250,133 $(42,864) $7,545,953 $173,296 $(458,111) $34,371 $(285,427) $(535,871) $44,408 $7,054,490
Consolidated Statement of Cash Flows
U.S. dollars
(Thousands)
2016 2015 2016
Cash flows from operating activities:
Income before income taxes and non-controlling interests ¥ 131,064 ¥ 77,983 $ 1,163,152
Adjustments to reconcile income before income taxes and non-controlling interests
to net cash provided by operating activities:
Depreciation and amortization 138,830 131,329 1,232,073
Impairment loss 4,925 111 43,707
Amortization of goodwill 10,170 908 90,255
Loss on disposal and sale of property and equipment 4,372 6,544 38,800
Settlement package – 165 –
Increase (decrease) in allowance for doubtful accounts 374 (79) 3,319
(Decrease) in net defined benefit liabilities (7,816) (2,906) (69,364)
Interest and dividend income (2,600) (1,727) (23,074)
Interest expenses 11,455 13,732 101,659
Foreign exchange (gain) (189) (662) (1,677)
Special retirement benefit expenses 136 89 1,206
(Gain) on revision of retirement benefit plan – (9,945) –
(Gain) on transfer of benefit obligation relating to employees’ pension fund (131) (943) (1,162)
Expenses related to revision of pension plans 399 55 3,541
Special dividend (5,467) – (48,517)
Decrease (increase) in accounts receivable 4,917 (438) 43,636
Decrease (increase) in other current assets 5,794 (2,777) 51,419
(Decrease) increase in accounts and notes payable – trade (16,073) 1,536 (142,642)
Other, net 36,688 21,857 325,594
Cash generated from operations 316,848 234,832 2,811,927
Interest and dividends received 3,204 2,177 28,434
Interest paid (11,841) (14,118) (105,085)
Settlement package paid – (165) –
Payments for special retirement (136) (1,567) (1,206)
Income taxes paid (44,197) (14,280) (392,234)
Net cash provided by operating activities 263,878 206,879 2,341,835
Cash flows from investing activities:
Payment for purchase of marketable securities (279,370) (395,280) (2,479,321)
Proceeds from redemption of marketable securities 380,770 413,760 3,379,215
Payment for purchase of property and equipment (252,583) (241,733) (2,241,595)
Proceeds from sales of property and equipment 104,571 50,839 928,035
Payment for purchase of intangible assets (28,833) (32,969) (255,883)
Payment for purchase of investments in securities (6,986) (3,655) (61,998)
Proceeds from sales of investments in securities 486 411 4,313
Proceeds from redemption of investments in securities 2,079 – 18,450
Proceeds from special dividend 5,467 – 48,517
Payment for advances (174) (96) (1,544)
Proceeds from collection of advances 187 202 1,659
Other, net (57) (2,228) (505)
Net cash (used in) investing activities (74,443) (210,749) (660,658)
Cash flows from financing activities:
(Decrease) in short-term loans, net (26) (511) (230)
Proceeds from long-term debt 69,476 165,062 616,577
Repayment of long-term debt (147,077) (180,450) (1,305,262)
Proceeds from issuance of bonds 29,845 14,921 264,865
Repayment of bonds (65,000) (10,000) (576,854)
Repayment of finance lease obligations (7,018) (10,266) (62,282)
Proceeds from issuance of common stock to non-controlling shareholders – 221 –

Payment for dividends (13,977) (10,467) (124,041)
Other, net 520 1,066 4,614
Net cash (used in) financing activities (133,257) (30,424) (1,182,614)
Effect of exchange rate changes on cash and cash equivalents 8 703 70
Net increase (decrease) in cash and cash equivalents 56,186 (33,591) 498,633
Cash and cash equivalents at April 1, 2015 208,937 240,935 1,854,250
Net increase resulting from changes in scope of consolidation – 1,593 –
Cash and cash equivalents at March 31, 2016 (Note 18) ¥ 265,123 ¥ 208,937 $ 2,352,884
Notes to Consolidated Financial Statements
1. Basis of presenting consolidated financial statements
The accompanying consolidated financial statements of ANA HOLDINGS INC. (hereinafter referred to as “the company”) and its
consolidated subsidiaries are prepared on the basis of accounting principles generally accepted in Japan, which are different in certain
respects as to the application and disclosure requirements of International Financial Reporting Standards (IFRS), and are compiled
from the consolidated financial statements prepared by the company as required by the Financial Instruments and Exchange Act of
Japan. In preparing the accompanying financial statements, certain reclassifications have been made to the financial statements issued
domestically in order to present them in a form which is more familiar to readers outside Japan. In addition, the notes to consolidated
financial statements include information which is not required under accounting principles and practices generally accepted in Japan
but are presented herein as additional information.
2. Summary of significant accounting policies
(a) Principles of consolidation and accounting for investments in non-consolidated subsidiaries and affiliates
The consolidated financial statements include the accounts of the company and all of its significant subsidiaries (62 subsidiaries for
2016 and 64 subsidiaries for 2015). All significant inter-company accounts and transactions have been eliminated in consolidation.
Investments in certain subsidiaries and significant affiliates (18 companies for 2016 and for 2015) are accounted for by the equity
method. The difference between the cost and the underlying net equity in the net assets at dates of acquisition of consolidated
subsidiaries and companies accounted for by the equity method is amortized using the straight-line method over a period of 5 to
15 years.
Investments in subsidiaries and affiliates which are not consolidated or accounted for by the equity method (82 companies for 2016
and 79 companies for 2015) are stated at cost. The equity in undistributed earnings of these companies was not significant.
Certain subsidiaries have fiscal years ending on December 31 and February 29, and necessary adjustments for significant transactions,
if any, are made on consolidation.
(b) Foreign currency translation

Receivables and payables denominated in foreign currencies are translated into yen at the rates of exchange in effect at the balance
sheet date, except payables and receivables hedged by qualified forward exchange contracts, and differences arising from the transla-
tion are included in the consolidated statement of income.
The balance sheet accounts of foreign consolidated subsidiaries are translated into yen at the rates of exchange in effect at the balance
sheet date, except for the components of net assets excluding non-controlling interests which are translated at their historical exchange
rates. Revenue and expense accounts are translated at the average rate of exchange in effect during the year. Differences arising from
the translation are presented as translation adjustments and non-controlling interests in the consolidated financial statements.
(c) Marketable securities and investment securities

The accounting standard for financial instruments requires that securities be classified into three categories: trading, held-to-maturity
or other securities. Under the standard, trading securities are carried at fair value and held-to-maturity securities are carried at amor-
tized cost. Marketable securities classified as other securities are carried at fair value with changes in unrealized holding gain or loss,
net of the applicable income taxes, included directly in net assets. Non-marketable securities classified as other securities are carried
at cost. Cost of securities sold is determined by the moving average method. See Note 4.
(d) Allowance for doubtful receivables

Allowance for doubtful accounts is provided based on past experience for normal receivables and on an estimate of the collectability of
receivables from companies in financial difficulty.
(e) Inventories
Inventories include aircraft spare parts, supplies and stock in trade of consolidated subsidiaries.
These are stated at cost principally based on the moving average method. Net book value of inventories in the consolidated balance
sheet is written down when its net realizable value declines.
(f) Property and equipment and depreciation (excluding leased assets)
Property and equipment excluding leased assets are stated at cost less accumulated depreciation. Ground property and equipment
includes ¥49,612 million ($440,291 thousand) and ¥51,813 million of land at March 31, 2016 and 2015, respectively. Depreciation of
property and equipment is computed based on estimated useful lives by the following methods:
Aircraft ................................................... Straight-line method

Buildings ................................................ Straight-line method
Other ground property and equipment ..... Straight-line method
The company and certain subsidiaries employ principally the following useful lives, based upon the company’s estimated durability:
Aircraft ................................................... 9 – 20 years

Buildings ................................................ 3 – 50 years
Major additions and improvements are capitalized at cost. Maintenance and repairs, including minor renewals and improvements, are
charged to income as incurred.
The company records impairment charges on long-lived assets used in operations when events and circumstances indicate that the
assets may be impaired. The assets of the company and its domestic consolidated subsidiaries are grouped by individual property in
the case of rental real estate, assets expected to be sold and idle assets, and by management accounting categories in the case of
business assets. An impairment loss is required to be recognized when the carrying amount of the assets significantly exceeds their
recoverable amount. See Note 19.
(g) Intangible assets and amortization (excluding leased assets)

Intangible assets included in other assets are amortized principally by the straight-line method. Cost of software purchased for internal
use is amortized by the straight-line method over five years, the estimated useful life of purchased software.
(h) Stock issuance costs

New stock issuance costs are capitalized and amortized by the straight-line method over a period of three years.
(i) Bond issuance costs

Bond issuance costs are capitalized and amortized by the straight-line method over the period of redemption of bonds.
(j) Business commencement expenses

Business commencement expenses are capitalized and amortized by the straight-line method over a period of five years.
(k) Retirement benefits

The retirement benefit plans of the company and certain subsidiaries covers substantially all employees other than directors, officers
and corporate auditors. Under the terms of this plan, eligible employees are entitled, upon mandatory retirement or earlier voluntary
severance, to lump-sum payments or annuity payments based on their compensation at the time of leaving and years of service with
the company and subsidiaries.
The company and certain significant domestic subsidiaries have trustee employee pension funds to provide coverage for part of the
lump-sum benefits or annuity payments.
The company and certain consolidated subsidiaries adopt defined contribution pension plans as well as defined benefit pension plans.
For defined benefit pension plans, accrued retirement benefits for employees at the balance sheet date are provided mainly at an
amount calculated based on the retirement benefit obligation and the fair market value of the pension plan assets as of the balance
sheet date, as adjusted for unrecognized net retirement benefit obligation at transition, unrecognized actuarial gains or losses and
unrecognized prior service cost. The retirement benefit obligation is attributed to each period by the benefit formula method over the
estimated service years of eligible employees. The net retirement benefit obligation at transition is being amortized by the straight-line
method. Actuarial gains and losses are amortized in the year following the year in which the gain or loss is recognized primarily by the
straight-line method over periods which are shorter than the average remaining service years of employees. Prior service cost is
amortized as incurred by the straight-line method over periods which are shorter than the average remaining service years of
employees. See Note 7.
(l) Income taxes

Deferred tax assets and liabilities have been recognized in the consolidated financial statements with respect to the differences
between the financial reporting and tax bases of the assets and liabilities, and were measured using the enacted tax rates and laws
which will be in effect when the differences are expected to reverse. See Note 9.
(m) Leased assets and amortization

Leased assets arising from transactions under finance lease contracts which do not transfer ownership to lessees are amortized to
a residual value of zero by the straight-line method using the term of contract as the useful life.
(n) Derivatives
The company and its subsidiaries use derivatives, such as forward foreign exchange contracts, interest rate swaps, commodity
options and swaps, to limit their exposure to fluctuations in foreign exchange rates, interest rates and commodity prices. The company
and its subsidiaries do not use derivatives for trading purposes.
Derivative financial instruments are carried at fair value with changes in unrealized gain or loss charged or credited to operations,
except for those which meet the criteria for deferral hedge accounting under which an unrealized gain or loss is deferred as an asset or
a liability. Receivables and payables hedged by qualified forward exchange contracts are translated at the corresponding foreign
exchange contract rates. Interest rate swaps that qualify for hedge accounting are not measured at fair value, but the differential paid
or received under the swap agreements is recognized and included in interest expenses or income.
(o) Appropriation of retained earnings

Under the Corporation Law of Japan (the “Law”), the appropriation of unappropriated retained earnings of the company with respect to
a financial period is made by resolution of the company’s shareholders at a general meeting to be held subsequent to the close of the
financial period and the accounts for that period do not therefore reflect such appropriation. See Note 12.
(p) Revenue recognition

Passenger revenues, cargo and other operating revenues are recorded when services are rendered.
(q) Cash equivalents

For the purpose of the consolidated statement of cash flows, cash and short-term, highly liquid investments with a maturity of three
months or less are treated as cash equivalents. See Note 18.
(r) Reclassification
Certain reclassifications have been made to the 2015 financial information in the accompanying financial statements to conform with
the 2016 presentation.
(s) Frequent flyer program

The company accrues a frequent flyer liability for the mileage credits that are earned and to be used based on assumptions including
analyses of previous experience under the program, anticipated behavior of customers, expectations of future awards to be issued,
and analysis of current accumulated mileage balances.
(t) Transactions of delivering the company’s own stock to employees, etc., through trusts
The company has been conducting transactions of delivering its own stock to the Employee Stock Ownership Group through trusts for
the welfare of its employees.
(1) Transaction Outline

The company introduced a “Trust Type Employee Stock Ownership Plan” (the “Plan”) on July 12, 2013 as an incentive for the group
employees to work in unison to overcome the current harsh business environment and achieve further growth, and as a measure to
advance their welfare. The aim of the Plan is to promote the employees’ asset building by encouraging their stock acquisition and
holding through the expansion of the “ALL NIPPON AIRWAYS CO., LTD. Employee Stock Ownership Association,” “ANA Group
Employee Stock Ownership Association” and “ALL NIPPON AIRWAYS TRADING CO., LTD. Employee Stock Ownership Association”
(the “Stock Ownership Association”).
The Plan is an incentive plan for all employees who participate in the Stock Ownership Association. Under the Plan, the “ANA Group
Employee Stock Ownership Trust” (the “ESOT”), which was established to transfer the company’s shares to the Stock Ownership
Association, will acquire the company’s shares all at once in advance to the extent that the Stock Ownership Association will acquire
them over a certain period of time. If a gain on sale of shares is then accumulated within the ESOT through the sale of the company’s
shares to the Stock Ownership Association by the termination of the trust, it will be distributed to the group employees who meet the
beneficiary requirements (all individuals who have participated in the Stock Ownership Association during the trust period, including
retirees) as residual assets.
The company guarantees the borrowings for the ESOT’s acquisition of the company’s shares, and repays any borrowings outstanding
at the termination of the trust pursuant to the guarantee agreement.
(2) Accounting Method for Transactions of Delivering the Company’s Own Stock through Trusts
Although the company applies the “Practical Solution on Transactions of Delivering the company’s Own Stock to Employees, etc.,
through Trusts” (Practical Issues Task Force (PITF) No. 30 of March 26, 2015), the company continues to apply the accounting method
that was applied previously.
(3) Matters Concerning the Company’s Own Stock Held by Trusts

The book value of the company’s own stock held by trusts was ¥2,433 million ($21,592 thousand) as of March 31, 2016 and
¥3,346 million as of March 31, 2015, and is recorded as treasury stock in the shareholders’ equity.
The number of shares held by the trust as of March 31, 2016 was 11,531 thousand shares, the average number of shares during the
fiscal year ended March 31, 2016 was 13,352 thousand shares, the number of shares as of March 31, 2015 was 15,859 thousand
shares, and the average number of shares during the fiscal year ended March 31, 2015, was 17,914 thousand shares. For the purpose
of calculating per share information, the number of shares at the end of the fiscal year and the average number of shares during the
fiscal year are included in the treasury stock that are deducted.
(u) Accounting for the Board Benefit Trust

From the fiscal year ended March 31, 2016, the company has been delivering its own stock through a Board Benefit Trust (BBT) to pay
remuneration to the board of directors (the “Trust for Delivery of Shares to Directors”) as a share remuneration plan, in order to boost
performance, increase corporate value and raise the awareness of shareholder-oriented management
The Trust for Delivery of Shares to Directors acquires the company’s own stock using money contributed by the company as the
source of the Board of Directors’ remuneration, etc., and the company’s own stock will be delivered to the Board of Directors accord-
ing to the degree of achievement of the earnings target, among other things.
As for the accounting for the trust, the “gross method” is applied pursuant to the PITF No. 30 of March 26, 2015.
The company’s own stock held by the trust as of March 31, 2016 was recorded as treasury stock in “Net assets” of the consolidated
balance sheet, and the book value was ¥429 million ($3,807 thousand), and the number of shares was 1,357 thousand shares.
(v) Accounting standards issued but not yet effective

Implementation Guidance on Recoverability of Deferred Tax Assets
On March 28, 2016, the Accounting Standards Board of Japan (ASBJ) issued “Revised Implementation Guidance on Recoverability of
Deferred Tax Assets” (ASBJ Guidance No. 26).
(1) Overview
Regarding the treatment of the recoverability of deferred tax assets, a review was conducted following the framework of the Japanese
Institute of Certified Public Accountants Audit Committee Report No. 66 “Audit Treatment on Determining the Recoverability of
Deferred Tax Assets,” whereby companies are categorized into five categories and deferred tax assets are calculated based on each of
these categories.
(2) Scheduled date of adoption

The company expects to adopt the revised implementation guidance from the beginning of the fiscal year ending March 31, 2017.
(3) Impact of adopting revised implementation guidance

The company is currently evaluating the effect of adopting this revised implementation guidance on its consolidated financial statements.
(w) Changes in accounting policies

Application of accounting standards for business combinations, etc.
Effective from the beginning of the fiscal year ended March 31, 2016, the company has adopted the “Revised Accounting Standard for
Business Combinations” ASBJ Statement No.21 of September 13, 2013; the “Business Combinations Standard”), the “Revised
Accounting Standard for Consolidated Financial Statements” (ASBJ Statement No.22 of September 13, 2013; the “Consolidated
Accounting Standards”) and the “Revised Accounting Standard for Business Divestitures” (ASBJ Statement No. 7 of September 13,
2013; the “Business Divestiture Standard”), etc. In applying these revised accounting standards, any change in ownership interest in a
subsidiary when the company retains control is recorded as capital surplus and the acquisition-related costs are recognized as
expenses in the fiscal year in which the costs are incurred. In addition, for business combinations that take place from April 1, 2015,
any adjustment to the provisional amounts arising from the finalization of provisional accounting treatment relating to the allocation of
acquisition costs is presented separately, and the presentation method is changed to present the opening balance as amount after
such adjustment. Furthermore, the method of presentation of net income was amended and the reference to “minority interests” was
changed to “non-controlling interests.”
The Business Combinations Standard and others were applied in accordance with the transitional treatments stipulated in Paragraph
No. 58-2(4) of the Business Combinations Standard, Paragraph No. 44-5(4) of the Consolidated Financial Statement Standard, and
Paragraph 57-4(4) of the Business Divestiture Standard, and the accounting standards, etc., have been applied from April 1, 2015.
These accounting changes did not have any impact on the consolidated financial statements for the year ended March 31, 2016.
Application of Practical Solution on Transactions of Delivering the Company’s Own Stock to Employees etc. through Trusts
The company applies “Practical Solution on Transactions of Delivering the company’s Own Stock to Employees etc. through Trusts”
(PITF No.30 of March 26, 2015) as of April 1, 2014. For accounting treatment of trust contracts concluded before April 1, 2014, the
company does not apply the revised Practical Solution but continues to apply the accounting treatment that was applied previously
Changes in the presentation method
(Consolidated Statement of Income)

“Gain on donation of non-current assets,” which was included in “Other” under Non-operating income for the fiscal year ended March
31, 2016, was presented separately for the fiscal year ended March 31, 2016 due to its increased significance. The change is applied
retroactively, and the consolidated statement of income for the fiscal year ended March 31, 2015 was retroactively reclassified.
As a result, the amount of ¥6,297 million recorded as “Other” under Non-operating income was reclassified as “Gain on donation of
non-current assets” in the amount of ¥936 million and the “Other” in the amount of ¥5,361 million in the consolidated statement of
income for the year ended March 31, 2015.
3. Financial statements translation
The consolidated financial statements presented herein are expressed in yen and, solely for the convenience of the reader, have been
translated into United States dollars at the rate of ¥112.68 = US$1, the approximate exchange rate prevailing on the Tokyo Foreign
Exchange Market on March 31, 2016. This translation should not be construed as a representation that the amounts shown could be
converted into United States dollars at such a rate. Translations of United States dollars are rounded down to the nearest thousand
and therefore the totals shown in tables do not necessarily agree with the sums of the individual amounts.
4. Marketable securities and investments in securities
Market value information at March 31, 2016 and 2015 is summarized as follows.
Other securities having market value are as follows:
U.S. dollars
Yen (Millions) (Thousands)
2016 2015 2016
Gross unrealized gain:
Cost ¥ 20,279 ¥ 18,800 $ 179,969
Market value 48,603 63,455 431,336
28,324 44,655 251,366
Gross unrealized loss:
Cost 229,432 283,030 2,036,137
Market value 228,977 282,844 2,032,099
(455) (186) (4,037)
Net unrealized gain ¥ 27,869 ¥ 44,469 $ 247,328
Other securities sold having market value in the years ended March 31, 2016 and 2015 are as follows:
U.S. dollars
2016 2015 2016
Proceeds ¥486 ¥356 $4,313
Gain on sale 155 296 1,375
Loss on sale – 222 –
Breakdown of securities for which it is extremely difficult to determine the fair value at March 31, 2016 and 2015 is as follows:
U.S. dollars
2016 2015 2016
Held-to-maturity bonds ¥ – ¥ – $ –
Other securities 30,561 29,791 271,219
¥30,561 ¥29,791 $271,219
The redemption schedule of other securities and held-to-maturity debt securities as of March 31, 2016 and 2015 is summarized
as follows:
U.S. dollars
2016 2015 2016
Bonds:
Within 1 year ¥ 1 ¥ 1 $ 8
Over 1 year to 5 years – – –
Other:
Within 1 year 222,380 278,692 1,973,553
Total:
Within 1 year ¥222,381 ¥278,693 $1,973,562
5. Investments in and advances to non-consolidated subsidiaries and affiliates
Investments in and advances to non-consolidated subsidiaries and affiliates at March 31, 2016 and 2015 consisted of the following:
U.S. dollars
2016 2015 2016
Investments in capital stock ¥37,709 ¥33,113 $334,655
Advances 3,752 3,648 33,297
¥41,461 ¥36,761 $367,953
6. Short-term loans and long-term debt
Short-term loans at March 31, 2016 and 2015 consisted of the following:
U.S. dollars
2016 2015 2016
Short-term bank loans ¥ 177 ¥ 200 $ 1,570
Current portion of long-term loans 86,803 138,263 770,349
Current portion of bonds and notes – 65,000 –
Current portion of finance lease obligations 7,801 6,566 69,231
¥94,781 ¥210,029 $841,151
The interest rate on the above short-term loans were between 0.02% and 1.50% per annum in 2016.
Long-term debt at March 31, 2016 and 2015 consisted of the following:
U.S. dollars
2016 2015 2016
Bonds and notes:
3.20% notes due 2017 ¥ 20,000 ¥ 20,000 $ 177,493
1.97% notes due 2015 – 15,000 –
2.45% notes due 2018 10,000 10,000 88,746
1.71% notes due 2015 – 20,000 –
1.00% notes due 2016 – 30,000 –
1.22% notes due 2024 30,000 30,000 266,240
1.20% notes due 2026 15,000 15,000 133,120
0.38% notes due 2019 30,000 – 266,240
105,000 140,000 931,842
Loans, principally from banks:
Secured, bearing interest from 0.21% to 2.11% in 2016 and 0.21% to 3.54%
in 2015, maturing in installments through 2036 339,988 360,001 3,017,287
Unsecured, bearing interest from 0.92% to 3.54% in 2016 and 0.92% to 2.23%
in 2015, maturing in installments through 2025 234,987 292,665 2,085,436
574,975 652,666 5,102,724
Finance lease obligations:
Finance lease agreements expiring through 2026 23,734 26,965 210,631
703,709 819,631 6,245,198
Less current portion 94,604 209,829 839,581
¥609,105 ¥609,802 $5,405,617
As is customary in Japan, short-term and long-term bank loans are made under general agreements which provide that security and
guarantees for future and present indebtedness will be given upon request of the bank, and that the bank shall have the right, as the
obligation becomes due or in the event of default and certain other specified events, to offset cash deposits against such obligations
due to the bank.
The following assets were pledged as collateral for short-term and long-term debt at March 31, 2016 and 2015:
U.S. dollars
2016 2015 2016
Property and equipment, at net book value:
Flight equipment ¥599,994 ¥660,626 $5,324,760
Ground property and equipment 3,997 30,480 35,472
Leased assets 20,127 13,140 178,620
Others 10,145 – 90,033
¥634,263 ¥704,246 $5,628,887
The aggregate annual maturities of long-term debt after March 31, 2016 are as follows:
U.S. dollars
Years ending March 31 Yen (Millions) (Thousands)
2017 ¥ 94,604 $ 839,581
2018 112,493 998,340
2019 89,161 791,276
2020 and thereafter 407,451 3,616,001
¥703,709 $6,245,198
7. Retirement benefit plans
The company and certain consolidated subsidiaries adopt defined contribution pension plans as well as defined benefit pension plans,
i.e., welfare pension fund plans, defined benefit corporate pension plans and lump-sum payment plans. Premium severance pay may
be paid at the time of retirement of eligible employees in certain cases.
Certain consolidated subsidiaries adopting defined benefit corporate pension plans and lump-sum payment plans use a simplified
method for calculating retirement benefit expenses and liabilities.
The changes in the retirement benefit obligation for the years ended March 31, 2016 and 2015 are as follows:
U.S. dollars
2016 2015 2016
Balance at the beginning of the fiscal year ¥240,684 ¥298,796 $2,135,995
Cumulative effect of change in accounting policy – (5,719) –
Restated balance at the beginning of the fiscal year 240,684 293,077 2,135,995
Service cost 9,324 9,211 82,747
Interest cost 2,169 2,252 19,249
Actuarial gain 7,042 2,240 62,495
Retirement benefits paid (19,968) (16,064) (177,209)
Accrued prior service cost – 10,690 –
Decrease due to transition to the defined contribution pension plans (1,489) (59,557) (13,214)
Other 268 (1,165) 2,378
Balance at the end of the fiscal year ¥238,030 ¥240,684 $2,112,442
The changes in plan assets for the years ended March 31, 2016 and 2015 are as follows:
U.S. dollars

2016 2015 2016
Balance at the beginning of the fiscal year ¥80,199 ¥117,740 $711,741
Expected return on plan assets 1,445 1,462 12,823
Actuarial (loss) or gain (3,303) 2,976 (29,313)
Employer contributions 3,036 3,213 26,943
Retirement benefits paid (5,140) (6,370) (45,615)
Decrease due to transition to the defined contribution pension plans (1,489) (38,822) (13,214)
Balance at the end of the fiscal year ¥74,748 ¥ 80,199 $663,365
The following table sets forth the funded status of the plans and amounts recognized in the consolidated balance sheet as of March
31, 2016 and 2015 for the company’s and the consolidated subsidiaries’ defined benefit plans:
U.S. dollars
2016 2015 2016
Funded retirement benefit obligation ¥ 93,077 ¥ 96,848 $ 826,029
Plan assets at fair value (74,748) (80,199) (663,365)
18,329 16,649 162,664
Unfunded retirement benefit obligation 144,953 143,836 1,286,412
Net liability and asset for retirement benefits in the balance sheet 163,282 160,485 1,449,077
Liability for retirement benefits 163,351 160,562 1,449,689

Asset for retirement benefits (69) (77) (612)
Net liability and asset for retirement benefits in the balance sheet ¥163,282 ¥160,485 $1,449,077
The components of retirement benefit expense for the years ended March 31, 2016 and 2015 are as follows:
U.S. dollars
2016 2015 2016
Service cost ¥ 9,324 ¥ 9,211 $ 82,747
Interest cost 2,169 2,252 19,249
Expected return on plan assets (1,445) (1,462) (12,823)
Amortization of net transitional retirement benefit obligation – 6,137 –
Amortization of actuarial gain 3,199 3,546 28,390
Amortization of prior service cost 380 (2,635) 3,372
Retirement benefit expense ¥13,627 ¥17,049 $120,935
The components of retirement benefits liability adjustments included in other comprehensive income (before tax effect) for the years
ended March 31, 2016 and 2015 are as follows:
U.S. dollars
2016 2015 2016
Prior service cost ¥ (380) ¥ 15,497 $ (3,372)
Actuarial gain or (loss) 7,147 (16,618) 63,427
Net transitional retirement benefit obligation – (6,376) –
Total ¥6,767 ¥ (7,497) $60,055
The components of retirement benefits liability adjustments included in accumulated other comprehensive income (before tax effect) as
of March 31, 2016 and 2015 are as follows:
U.S. dollars
2016 2015 2016
Unrecognized actuarial gain ¥35,207 ¥28,061 $312,451
Unrecognized prior service cost 10,856 11,236 96,343
Total ¥46,064 ¥39,297 $408,803
The fair values of plan assets, by major category, as a percentage of total plan assets as of March 31, 2016 and 2015 are as follows:
2016 2015
Bonds 55% 55%
General accounts 12 15
Stocks 8 13
Cash on hand and in banks 0 0
Other 25 17
Total 100 100
The expected return on assets has been estimated based on the anticipated allocation to each asset class and the expected long-term
returns on assets held in each category.
The assumptions used in accounting for the above plans are as follows:
2016 2015
Discount rates 0.1 – 1.2% 0.8 – 1.6%
Expected rates of return on plan assets 1.5 – 5.5% 1.5 – 5.5%
The contributions to the defined contribution plans of the company and its subsidiaries were ¥3,787 million ($33,608 thousand) and
¥11,937 million for the years ended March 31, 2016 and 2015, respectively.
8. Asset retirement obligations
1. Asset retirement obligations recorded on the consolidated balance sheet

(a) Overview of asset retirement obligations
The company and its subsidiaries enter into agreements with national government entities that allow for the use of Japanese govern-
ment property and have entered into real estate lease contracts for the Head Office, sales branches, airport branches and some other
offices. As the company and its subsidiaries have restoration obligations for such properties at the end of each lease period, related
legal obligations required by law and the contracts are recorded on the consolidated balance sheet as asset retirement obligations.
(b) Calculation of asset retirement obligations

The company and its subsidiaries estimate the expected period of use as 1 to 30 years and calculate the amount of asset retirement
obligations with a discount rate of 0% to 2.27%.
The following table indicates the changes in asset retirement obligations for the years ended March 31, 2016 and 2015:
U.S. dollars
2016 2015 2016
Balance at the beginning of the fiscal year ¥825 ¥1,492 $7,321
Liabilities incurred due to the acquisition of property and equipment 4 – 35
Accretion expense 14 25 124
Liabilities settled (83) (721) (736)
Other 189 29 1,677
Balance at the end of the fiscal year ¥949 ¥ 825 $8,422
2. Asset retirement obligations not recorded on the consolidated balance sheet

The company and its subsidiaries enter into agreements with national government entities that allow for the use of Japanese
government property and have entered into real estate lease contracts for land and office at airport facilities including Tokyo
International Airport, Narita International Airport, New Chitose Airport, Chubu Centrair International Airport, Osaka International Airport,
Kansai International Airport, Fukuoka Airport and Naha Airport. The company and its subsidiaries have restoration obligations when
they vacate and clear such facilities. However, as the roles of the above airports are especially important in public transportation, it is
beyond the control of the company alone to determine when to vacate and clear such facilities, and it is also impossible to make
reasonable estimates as there are currently no relocation plans for the above properties. Therefore, the company and its subsidiaries
do not record asset retirement obligations for the related liabilities.
9. Income taxes
The company is subject to a number of taxes on income (corporation tax, inhabitants taxes and enterprise tax) which in aggregate
resulted in normal statutory tax rates of 33.06% in 2016 and 35.64% in 2015.
The company is subject to the consolidated taxation system for consolidated taxation purposes, and has consolidated all qualified,
wholly owned domestic subsidiaries.
The tax effect of temporary differences that give rise to a significant portion of the deferred tax assets and liabilities at March 31, 2016
and 2015 is as follows:
U.S. dollars
2016 2015 2016
Deferred tax assets:
Net defined benefit liabilities ¥ 50,209 ¥ 51,842 $ 445,589
Deferred loss on hedging instruments 23,583 13,107 209,291
Accrued bonuses to employees 12,786 10,070 113,471
Unrealized gain on inventories and property and equipment 11,304 11,563 100,319
Long-term unearned revenue 7,409 2,595 65,752
Tax loss carry-forward 6,817 7,539 60,498
Accrued enterprise tax and business office tax 3,230 1,704 28,665
Impairment loss 2,043 778 18,130
Other 11,591 12,602 102,866
Total gross deferred tax assets 128,972 111,800 1,144,586
Less valuation allowance (10,899) (12,221) (96,725)
Total net deferred tax assets 118,073 99,579 1,047,861
Deferred tax liabilities:
Net unrealized holding gain on securities (8,637) (14,478) (76,650)
Deferred gain on hedging instruments (1,384) (15,794) (12,282)
Special taxation measures law reserve (553) (1,009) (4,907)
Other (2,102) (3,026) (18,654)
Total gross deferred tax liabilities (12,676) (34,307) (112,495)
Net deferred tax assets ¥105,397 ¥ 65,272 $ 935,365
“Impairment loss,” included in “Other” under deferred tax assets as of March 31, 2015, is reported separately as of March 31, 2016
due to an increase in materiality. To reflect this change in presentation, the amount as of March 31, 2015 was reclassified.
As a result, ¥778 million ($6,904 thousand) in “Other” under deferred tax assets as of March 31, 2015 is presented as “Impairment loss.”
“Valuation loss on investments in securities” and “Depreciation of property and equipment,” reported separately as of March 31, 2015,
are included in “Other” as of March 31, 2016 due to a decrease in materiality. To reflect this change in presentation, the amount as of
March 31, 2015 was reclassified.
As a result, ¥1,900 million ($16,861 thousand) in “Valuation loss on investments in securities” and ¥1,874 million ($16,631 thousand) in
“Depreciation of property and equipment” as of March 31, 2015 are included in “Other.”
A reconciliation of the difference between the statutory tax rate and the effective income tax rate for the years ended March 31, 2016
and 2015 is as follows:
2016 2015
Statutory tax rate 33.06% 35.64%
Reconciliation:
Decrease in deferred tax assets due to tax rate change 2.44 7.11
Amortization of goodwill 2.57 0.41
Entertainment expenses not qualifying for deduction 0.95 0.99
Exclusion of dividend income from gross revenue 0.27 0.44
Inhabitants tax per capita levy 0.15 0.24
Changes in valuation allowance (0.26) 2.13
Adjustment for foreign income – 0.60
Other 0.86 1.11
Effective income tax rate 40.04% 48.67%
The “Act for Partial Amendment of the Income Tax Act, etc.” (Act No. 15 of 2016) and the “Act for Partial Amendment of the Local Tax
Act, etc.” (Act No. 13 of 2016) were enacted in the Japanese Diet session on March 29, 2016. As a result, the effective statutory tax
rate used to measure the company’s deferred tax assets and liabilities was lowered from 32.34% to 30.86% and 30.62% for the
temporary differences expected to be realized or settled in the years beginning April 1, 2016 and 2017, and for the temporary differ-
ences expected to be realized or settled from April 1, 2018, respectively.
The effect of the announced reduction of the effective statutory tax rate was to decrease deferred tax assets, after offsetting deferred
tax liabilities, by ¥4,362 million ($38,711 thousand) and increase deferred income tax expense by ¥3,216 million ($28,541 thousand),
net unrealized holding gain on securities by ¥480 million ($4,259 thousand), deferred gain on hedging instruments by ¥(959) million
($(8,510) thousand) and remeasurements of defined benefit plans by ¥(667) million ($(5,919) thousand) as of and for the year ended
March 31, 2016.
10. Other comprehensive income
The following table presents reclassification and tax effects allocated to each component of other comprehensive income for the years
ended March 31, 2016 and 2015.
U.S. dollars
2016 2015 2016
Net unrealized holding gain or (loss) on securities:
Amount arising during the fiscal year ¥(16,863) ¥ 29,114 $(149,653)
Reclassification adjustments for gains and losses realized (49) 4 (434)
Amount of net unrealized holding (loss) or gain on securities before tax effect (16,912) 29,118 (150,088)
Tax effect 5,841 (8,886) 51,837
Net unrealized holding (loss) or gain on securities (11,071) 20,232 (98,251)
Deferred (loss) on hedging instruments:
Amount arising during the fiscal year (1,458) (20,239) (12,939)
Reclassification adjustments for gains and losses realized (80,098) 4,854 (710,844)
Amount of deferred (loss) on hedging instruments before tax effect (81,556) (15,385) (723,784)
Tax effect 25,145 5,364 223,154
Deferred (loss) on hedging instruments (56,411) (10,021) (500,630)
Foreign currency translation adjustments:
Amount arising during the fiscal year (160) 3,181 (1,419)
Foreign currency translation adjustments (160) 3,181 (1,419)
Remeasurements of defined benefit plans:
Amount arising during the fiscal year (10,344) (9,103) (91,799)
Reclassification adjustments for gains and losses realized 3,577 16,600 31,744
Amount of remeasurements of defined benefit plans before tax effect (6,767) 7,497 (60,055)
Tax effect 1,255 (4,039) 11,137
Remeasurements of defined benefit plans (5,512) 3,458 (48,917)
Share of other comprehensive income of affiliates accounted for by the equity method:
Amount arising during the fiscal year (669) 379 (5,937)
Reclassification adjustments for gains and losses realized 63 (114) 559
Share of other comprehensive income of affiliates accounted for by the equity method (606) 265 (5,378)
Accumulated other comprehensive income ¥(73,760) ¥ 17,115 $(654,597)
11. Leases
As lessee
(a) Finance leases

Finance lease transactions other than those that are expected to transfer ownership of the assets to the lessee are accounted for as
assets.
Tangible fixed lease assets include mainly aircraft, flight equipment and host computers. Intangible fixed lease assets include software.
The amortization method for leased assets is described in Note 2. Summary of significant accounting policies (m) Leased assets and
amortization.
(b) Operating leases

The rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at
March 31, 2016 and 2015 are as follows:
U.S. dollars
2016 2015 2016
Current portion of operating lease obligations ¥ 44,985 ¥ 37,953 $ 399,227
Long-term operating lease obligations 201,944 162,692 1,792,190
¥246,929 ¥200,645 $2,191,418
Note: No impairment loss was allocated to leased assets.
As lessor
(a) Operating leases

The rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at
March 31, 2016 and 2015 are as follows:
U.S. dollars
2016 2015 2016
Current portion of operating lease obligations ¥223 ¥419 $1,979
Long-term operating lease obligations 193 415 1,712
¥416 ¥834 $3,691
Note: No impairment loss was allocated to leased assets.
12. Supplementary information for the consolidated statement of changes in net assets
Supplementary information for consolidated statement of changes in net assets for the year ended March 31, 2016 consisted of the
following:
(a) Type and number of outstanding shares

Number of shares (Thousands)
Balance at Increase in shares Decrease in shares Balance at
Type of shares beginning of year during the year during the year end of year
Issued stock:
Common stock 3,516,425 – – 3,516,425
Total 3,516,425 – – 3,516,425
Treasury stock:
Common stock (*1, *2, *3) 22,069 1,510 4,352 19,227
Total 22,069 1,510 4,352 19,227
(*1) Treasury stock increased by 153 thousand shares due to the repurchase of shares less than one unit and 1,357 thousand shares due to the purchase by the Trust for
Delivery of Shares to Directors.
(*2) Treasury stock decreased by 17 thousand shares due to the sale of shares less than one unit, 4,328 thousand shares due to the sale by the ESOT and 7 thousand
shares due to the sale by the subsidiaries and affiliates.
(*3) Treasury stock includes 11,531 thousand shares of the company owned by the ESOT as of March 31, 2016 and 1,357 thousand shares of the company owned by the
Trust for Delivery of Shares to Directors as of March 31, 2016.
(b) Dividends
(1) Dividends paid to shareholders
U.S. dollars
Yen (Millions) (Thousands) Yen U.S. dollars
Resolution Type of Amount per Amount per Shareholders’
Date of approval approved by shares Amount Amount Paid from share share cut-off date Effective date
June 29, 2015 Annual general Common Retained
meeting of stock (*1) earnings
shareholders ¥13,977 $124,041 ¥4.00 $0.03 March 31, 2015 June 30, 2015
(*1) The ¥68 million ($603 thousand) paid to the ESOT and the affiliates is not included in the total dividends because the company’s shares owned by the ESOP Trust and
the affiliates are recognized as treasury stock.
(2) Dividends with a shareholders’ cut-off date during the current fiscal year but an effective date subsequent to the
current fiscal year
U.S. dollars
Yen (Millions) (Thousands) Yen U.S. dollars
Resolution Type of Amount per Amount per Shareholders’
Date of approval approved by shares Amount Amount Paid from share share cut-off date Effective date
June 28, 2016 Annual general Common Retained
meeting of stock (*1) earnings
shareholders ¥17,492 $155,236 ¥5.00 $0.04 March 31, 2016 June 29, 2016
(*1) The ¥64 million ($567 thousand) paid to the ESOT and the affiliates is not included in the total dividends because the company’s shares owned by the ESOP Trust and
the affiliates are recognized as treasury stock.
In accordance with the Law, the company provides a legal retained earnings which is included in retained earnings. The Law provides
that an amount equal to at least 10% of the amounts to be disbursed as distributions of earnings be appropriated to the legal retained
earnings until the total of the legal retained earnings and the capital reserve equals 25% of the capital stock. The Law provides that
neither the capital reserve nor the legal retained earnings is available for the payment of dividends, but both may be used to reduce or
eliminate a deficit by resolution of the shareholders or may be transferred to common stock by resolution of the Board of Directors. The
Law also provides that, if the total amount of the capital reserve and the legal retained earnings exceeds 25% of the capital stock, the
excess may be distributed to the shareholders either as a return of capital or as dividends subject to the approval of the shareholders.
Under the Law, however, such distributions can be made at anytime by resolution of the shareholders or by the Board of Directors if
certain conditions are met.
13. Commitments and contingent liabilities
At March 31, 2016, commitments outstanding for the acquisition or construction of property and equipment amounted to
¥1,461,085 million ($12,966,675 thousand).
The company and its consolidated subsidiaries were contingently liable as guarantor of loans, principally to affiliates, amounting to
¥185 million ($1,641 thousand) at March 31, 2016.
At March 31, 2015, commitments outstanding for the acquisition or construction of property and equipment amounted to
¥1,619,220 million.
The company and its consolidated subsidiaries were contingently liable as guarantors of loans, principally to affiliates, amounting to
¥191 million at March 31, 2015.
14. Financial instruments
Overview
(a) Policy for financial instruments
The company and its subsidiaries (collectively, the “group”) limit their fund management to short-term time deposits and raise funds
through borrowings from financial institutions including banks. The company and its subsidiaries use derivatives for the purpose of
reducing risk described below and do not enter into derivatives for speculative or trading purposes.
(b) Types of financial instruments, related risk and risk management

Trade receivables (accounts receivable) are exposed to credit risk in relation to customers. In accordance with the internal policies of
the group for managing credit risk arising from receivables, the group monitors the credit worthiness of their main customers periodi-
cally and monitors due dates and outstanding balances by individual customer, thereby making efforts to identify and mitigate risks of
bad debts from customers who are having financial difficulties.
Marketable securities and investments in securities are exposed to risk of market price fluctuations. Those securities are composed of
mainly the shares of other companies with which the group has business relationships. The group periodically reviews the fair values of
such financial instruments and the financial position of the issuers, thereby making efforts to identify and mitigate risks of impairment.
Substantially all trade payables (accounts and notes payable) have payment due dates within one year.
Borrowings are taken out principally for the purpose of making capital investments, and certain long-term debt with variable interest
rates is exposed to interest rate fluctuation risk. However, to reduce such risk for long-term interest-bearing debt at variable rates, the
group utilizes interest rate swap transactions as a hedging instrument. Interest rate swaps that qualify for hedge accounting are not
measured at fair value, but the differential paid or received under the swap agreements is recognized and included in interest expenses
or income.
For derivatives, in order to reduce the foreign currency exchange risk arising from the receivables and payables denominated in foreign
currencies, the group enters into forward foreign exchange contracts for specific receivables and payables denominated in foreign
currencies, mainly for aircraft purchase commitments. In addition, the group enters into commodity derivative transactions such as
swaps and options to mitigate fluctuation risk of the commodity prices of fuel and stabilize operating profit.
1) Management of Credit Risks (risks such as breach of contract by customers)

The group, with respect to trade receivables, exercises the due date management and the outstanding balance management in
accordance with internal policies. The group makes best efforts to identify and mitigate risks of bad debts from major customers with
financial difficulties by periodically monitoring their creditworthiness.
As for derivatives, the group believes that the credit risks are extremely low, as it enters into derivative transactions only with reputable
financial institutions with a sound credit profile.
2) Management of Market Risks (fluctuation risks such as exchange rate and interest rate)
In order to reduce the foreign currency exchange risks, the group, in principle, utilizes forward foreign exchange contracts for receiv-
ables and payables in foreign currencies. In order to mitigate the interest rate fluctuation risks of the debts, the group utilizes interest
rate swap transactions.
As for marketable securities and investment securities, the group periodically reviews the fair values and the financial conditions of the
issuers to identify and mitigate risks of impairment.
There are internal policies for derivative transactions which set forth authorization levels and a maximum upper limit on transaction
volumes and the group enters into the derivative transactions in accordance with such policies. Moreover, the group reports plans and
results of methods and ratios for offsetting risks at quarterly board meeting.
3) Management of Liquidity Risks Related to Financing (risks that the group cannot meet the due date of payables)
The group manages the liquidity risks by setting a financial plan in order to procure and invest funds, which are necessary for the
operation of the group for a certain period of time, in accordance with the business operating plan and the budget.
(c) Supplementary explanation of the estimated fair value of financial instruments

The fair value of financial instruments is based on their quoted market price, if available. When there is no quoted market price
available, fair value is reasonably estimated. Since various assumptions and factors are reflected in estimating the fair value, different
assumptions and factors could result in different fair value. In addition, the notional amounts of derivatives in Note 15 are not necessarily
indicative of the actual market risk involved in derivative transactions.
Estimated fair value of financial instruments
Carrying value of financial instruments on the consolidated balance sheet as of March 31, 2016 and 2015 and estimated fair value are
shown in the following tables. The following tables do not include financial instruments for which it is extremely difficult to determine
the fair value (Please refer to Note 2 below).
Yen (Millions)
As of March 31, 2016 Carrying value Estimated fair value Difference
Assets:
Cash on hand and in banks ¥ 55,293 ¥ 55,293 ¥ –
Accounts receivable** 139,404 139,404 –
Marketable securities and investments in securities** 297,368 304,436 7,068
Total assets ¥492,065 ¥499,133 ¥ 7,068
Liabilities:
Trade notes and accounts payable** ¥166,116 ¥166,116 ¥ –
Short-term bank loans 177 177 –
Bonds and notes 105,000 109,104 4,104
Long-term loans 574,975 598,823 23,848
Total liabilities ¥846,268 ¥874,220 ¥27,952
Derivatives* ¥ (73,359) ¥ (73,359) ¥ –
U.S. dollars (Thousands)

Assets:
Cash on hand and in banks $ 490,708 $ 490,708 $ –
Accounts receivable** 1,237,167 1,237,167 –
Marketable securities and investments in securities** 2,639,048 2,701,774 62,726
Total assets $4,366,924 $4,429,650 $ 62,726
Liabilities:
Trade notes and accounts payable** $1,474,227 $1,474,227 $ –
Short-term bank loans 1,570 1,570 –
Bonds and notes 931,842 968,264 36,421
Long-term loans 5,102,724 5,314,368 211,643
Total liabilities $7,510,365 $7,758,430 $248,065
Derivatives* $ (651,038) $ (651,038) $ –
Yen (Millions)
Assets:
Cash on hand and in banks ¥ 43,901 ¥ 43,901 ¥ –
Accounts receivable** 144,321 144,321 –
Marketable securities and investments in securities** 365,928 379,131 13,203
Total assets ¥554,150 ¥567,353 ¥13,203
Liabilities:
Trade notes and accounts payable** ¥182,198 ¥182,198 ¥ –
Short-term bank loans 200 200 –
Bonds and notes 140,000 143,287 3,287
Long-term loans 652,666 672,524 19,858
Total liabilities ¥975,064 ¥998,209 ¥23,145
Derivatives* ¥ 8,195 ¥ 8,195 ¥ –
* The value of assets and liabilities arising from derivatives is shown at net value, with the amount in parentheses representing net liability position.
** Accounts receivable, marketable securities and investments in securities, and trade notes and accounts payable in the above tables are not reconciled to those accounts
indicated in the accompanying consolidated balance sheet and notes since certain reclassifications have been made to those accounts while the above tables represent
amounts that are directly compiled from the notes to consolidated financial statements prepared by the company as required by the Financial Instruments and Exchange
Law of Japan.
Notes:
1. Methods to determine the estimated fair value of financial instruments and other matters related to securities and derivative transactions
Assets
1) Cash on hand and in banks and 2) accounts receivable
Since these items are settled in a short period of time, their carrying value approximates fair value.
3) Marketable securities and investments in securities

The fair value of stocks is based on quoted market prices. The fair value of debt securities is based on either quoted market prices
or prices provided by the financial institutions making markets in these securities. For information on securities classified by holding
purpose, refer to Note 4 of the notes to the consolidated financial statements.
Liabilities
1) Trade notes and accounts payable and 2) short-term bank loans
Since these items are settled in a short period of time, their carrying value approximates fair value.
3) Bonds and notes

The fair value of bonds issued by the company is the present value of the total of principal and interest discounted by an interest
rate determined taking into account the remaining period of each bond and current credit risk.
4) Long-term loans
The fair value of long-term loans is based on the present value of the total of principal and interest discounted by the interest rate to
be applied if similar new borrowings were entered into.
2. Financial instruments for which it is extremely difficult to determine the fair value
U.S. dollars
As of March 31, 2016 Yen (Millions) (Thousands)
Unlisted stocks ¥30,561 $271,219
Because no quoted market price is available and it is extremely difficult to determine the fair value, the above financial instruments are
not included in the above tables.
3. Redemption schedule for receivables and marketable securities with maturities as of March 31, 2016 and 2015 is summarized
as follows:
Yen (Millions)
Due in Due after one year Due after five years Due after
As of March 31, 2016 one year or less through five years through ten years ten years
Cash in banks ¥ 54,463 ¥– ¥ – ¥ –
Accounts receivable 139,404 – – –
Held-to-maturity bonds 1 – – –
Other marketable securities with maturities 222,380 – 2,756 3,330
Total ¥416,248 ¥– ¥2,756 ¥3,330

Cash in banks $ 483,342 $– $ – $ –
Accounts receivable 1,237,167 – – –
Other marketable securities with maturities 1,973,553 – 24,458 29,552
Total $3,694,071 $– $24,458 $29,552
Yen (Millions)
Cash in banks ¥ 42,822 ¥– ¥ – ¥ –
Accounts receivable 144,321 – – –
Other marketable securities with maturities 278,692 – 1,510 3,430
Total ¥465,836 ¥– ¥1,510 ¥3,430
4. Redemption schedule for bonds, long-term debt and other interest-bearing liabilities as of March 31, 2016 and 2015 is summarized
as follows:
Yen (Millions)
Short-term bank loans ¥ 177 ¥ – ¥ – ¥ –
Bonds and notes – 60,000 30,000 15,000
Long-term loans 86,803 291,966 157,401 38,805
Total ¥86,980 ¥351,966 ¥187,401 ¥53,805

Short-term bank loans $ 1,570 $ – $ – $ –
Bonds and notes – 532,481 266,240 133,120
Long-term loans 770,349 2,591,107 1,396,884 344,382
Total $771,920 $3,123,588 $1,663,125 $477,502
Yen (Millions)
Short-term bank loans ¥ 200 ¥ – ¥ – ¥ –
Bonds and notes 65,000 30,000 30,000 15,000
Long-term loans 138,263 296,374 180,077 37,952
Total ¥203,463 ¥326,374 ¥210,077 ¥52,952
15. Derivatives and hedging activities
The group operates internationally and is exposed to the risk of changes in foreign exchange rates, interest rates and commodity
prices of fuel. In order to manage these risks, the group and its subsidiaries utilize forward exchange contracts to hedge certain foreign
currency transactions related to purchase commitments, principally of flight equipment, and foreign currency receivables and payables.
Also, the group utilizes interest rate swaps to minimize the impact of interest rate fluctuations related to their outstanding debt. In
addition, the group also enters into a variety of swaps and options in its management of risk exposure related to the commodity prices
of fuel. The group and its subsidiaries do not use derivatives for speculative or trading purposes.
The group has developed internal hedging guidelines to control various aspects of derivative transactions, including authorization levels
and transaction volumes. The group enters into derivative transactions in accordance with these internal guidelines. Derivative and
hedging transactions initiated by respective operational departments have been examined by the accounting department and these
transactions, including their measures and ratios, have been monitored by management generally on a monthly basis. Assessment of
hedge effectiveness is examined at inception and, on an ongoing basis, periodically. The consolidated subsidiaries have adopted the
same procedures for hedging activities as the group.
The group is also exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments,
but it is not expected that any counterparties will fail to meet their obligations, because the majority of the counterparties are interna-
tionally recognized financial institutions.
Summarized below are the notional amounts and the estimated fair values of the derivative instruments outstanding as of March 31,
2016 and 2015, for which hedged accounting has been applied.
(a) Currency-related transactions

Yen (Millions)
Notional amount
As of March 31, 2016 Total Maturing after one year Fair value
Forward foreign exchange contracts for accounts
payable, accounted for by deferral method:
Sell:
USD ¥ 17 ¥ – ¥ 0
Other – – –
Buy:
USD 650,583 390,596 11,140
EUR 284 – (0)
Other 131 – 1
Currency option contracts for accounts payable,
accounted for by deferral method:
Sell:
USD (Put) 87,831 61,285 (1,494)
Buy:
USD (Call) 94,975 66,438 3,137
Currency swap contracts for accounts payable,
Receive/USD and pay/JPY 5,160 2,025 265
Forward foreign exchange contracts,
accounted for as part of accounts receivable:
Sell:
USD 92 – (*)
EUR 31 – (*)
Other – – (*)
accounted for as part of accounts payable:
Buy:
USD 2,378 – (*)
EUR 130 – (*)
Other 159 – (*)
Total ¥841,771 ¥520,344 ¥13,049
Notional amount
Sell:
USD $ 150 $ – $ 0
Other – – –
Buy:
USD 5,773,722 3,466,418 98,864
EUR 2,520 – (0)
Other 1,162 – 8
Sell:
USD (Put) 779,472 543,885 (13,258)
Buy:
USD (Call) 842,873 589,616 27,839
Receive/USD and pay/JPY 45,793 17,971 2,351
Sell:
USD 816 – (*)
EUR 275 – (*)
Other – – (*)
Buy:
USD 21,104 – (*)
EUR 1,153 – (*)
Other 1,411 – (*)
Total $7,470,456 $4,617,891 $115,805
Yen (Millions)
Notional amount
Sell:
USD ¥ 557 ¥ – ¥ (0)
Other 1 – 0
Buy:
USD 729,965 405,512 98,695
EUR 503 – (27)
Other 0 – (0)
Sell:
USD (Put) 79,986 59,482 3,311
Buy:
USD (Call) 86,930 64,158 7,946
Receive/USD and pay/JPY 9,955 5,160 1,278
Sell:
USD 164 – (*)
EUR 30 – (*)
Other 1 – (*)
Buy:
USD 17,924 – (*)
EUR 442 – (*)
Other 16 – (*)
Total ¥926,474 ¥534,312 ¥111,203
Note: Calculation of fair value is based on the data obtained from financial institutions.
(*) The estimated fair value of forward foreign exchange contracts is included in the estimated fair value of accounts payable since the amounts in such derivative contracts
accounted for as part of accounts payable are handled together with the payables denominated in foreign currencies that are subject to hedge accounting. See Note 14.
(b) Interest-related transactions

Yen (Millions)
Notional amount
Interest rate swap hedging long-term loans,
accounted for by short-cut method:
Receive/floating and pay/fixed ¥230,335 ¥187,685 (*)

Notional amount
Receive/floating and pay/fixed $2,044,151 $1,665,646 (*)
Yen (Millions)
Notional amount
Receive/floating and pay/fixed ¥286,598 ¥193,776 (*)
(*) The estimated fair value of interest rate swap contracts is included in the estimated fair value of long-term loans since amounts in such derivative contracts accounted for
by the short-cut method are handled together with the long-term loans that are subject to hedge accounting. See Note 14.
(c) Commodity-related transactions
Yen (Millions)
Notional amount
Commodity (crude oil) swap contracts,
Receive/floating and pay/fixed ¥149,787 ¥ 34,603 ¥(77,253)
Commodity (crude oil) option contracts,
Sell: Crude oil (Call) – – –
Crude oil (Put) 42,568 36,935 (6,452)
Buy: Crude oil (Call) 54,821 46,987 (2,703)
Crude oil (Put) – – –
Total ¥247,176 ¥118,525 ¥(86,408)

Notional amount
Receive/floating and pay/fixed $1,329,313 $ 307,090 $(685,596)
Crude oil (Put) 377,777 327,786 (57,259)
Total $2,193,610 $1,051,872 $ 766,844
Yen (Millions)
Notional amount
Receive/floating and pay/fixed ¥315,300 ¥139,487 ¥ (95,990)
Crude oil (Put) 26,934 6,877 (5,313)
Total ¥373,405 ¥155,016 ¥(103,008)
Note: Calculation of fair value is based on the data obtained from financial institutions.
16. Segment information
The reportable segments of the company and its consolidated subsidiaries are components for which discrete financial information is
available and whose operating results are regularly reviewed by the Executive Committee to make decisions about resource allocation
and to assess performance.
The group’s reportable segments are categorized under “Air Transportation,” “Airline Related,” “Travel Services,” and “Trade and Retail.”
The “Air Transportation” business segment conducts domestic and international passenger operations, cargo and mail operations and
other transportation services. The “Airline Related” business segment conducts air transportation related operations such as airport
passenger and ground handling services and maintenance services. The “Travel Services” business segment conducts operations
centering in development and sales of travel plans. It also conducts planning and sales of branded travel packages using air transpor-
tation. The “Trade and Retail” business segment mainly imports and exports goods related to air transportation and is involved in
in-store and non-store retailing.
The accounting policies of the segments are substantially the same as those described in the summary of significant accounting
policies in Note 2.
Segment performance is evaluated based on operating income or loss. Intra-group sales are recorded at the same prices used in
transactions with third parties.
Segment information for the years ended March 31, 2016 and 2015 is as follows:
Yen (Millions)
Reportable Segments
Air
As of and for the year ended March 31, 2016 Transportation Airline Related Travel Services Trade and Retail Subtotal
Revenues, profit or loss and assets by reportable segments:
Operating revenues from external customers ¥1,458,517 ¥ 48,671 ¥157,558 ¥115,386 ¥1,780,132
Intersegment revenues and transfers 94,716 183,232 9,791 24,903 312,642
Total 1,553,233 231,903 167,349 140,289 2,092,774
Segment profit (loss) 139,757 (4,248) 4,291 5,312 145,112
Segment assets 2,016,211 131,988 58,807 58,655 2,265,661
Other items:
Depreciation and amortization 131,999 5,554 104 994 138,651
Amortization of goodwill 1 10,055 – 114 10,170
Increase in tangible and intangible fixed assets 269,183 10,809 349 2,306 282,647
Yen (Millions)
As of and for the year ended March 31, 2016 Other Total Adjustments Consolidated
Operating revenues from external customers ¥11,055 ¥1,791,187 ¥ – ¥1,791,187
Intersegment revenues and transfers 22,699 335,341 (335,341) –
Total 33,754 2,126,528 (335,341) 1,791,187
Segment profit (loss) 1,659 146,771 (10,308) 136,463
Segment assets 19,929 2,285,590 (56,782) 2,228,808
Other items:
Depreciation and amortization 179 138,830 – 138,830
Amortization of goodwill – 10,170 – 10,170
Increase in tangible and intangible fixed assets 18 282,665 (1,249) 281,416

Reportable Segments
Air
Operating revenues from external customers $12,943,885 $ 431,940 $1,398,278 $1,024,014 $15,798,118
Intersegment revenues and transfers 840,575 1,626,127 86,892 221,006 2,774,600
Total 13,784,460 2,058,067 1,485,170 1,245,021 18,572,719
Segment profit (loss) 1,240,299 (37,699) 38,081 47,142 1,287,823
Segment assets 17,893,246 1,171,352 521,893 520,544 20,107,037
Other items:
Depreciation and amortization 1,171,450 49,290 922 8,821 1,230,484
Amortization of goodwill 8 89,235 – 1,011 90,255
Increase in tangible and intangible fixed assets 2,388,915 95,926 3,097 20,465 2,508,404

Operating revenues from external customers $ 98,109 $15,896,228 $ – $15,896,228
Intersegment revenues and transfers 201,446 2,976,047 (2,976,047) –
Total 299,556 18,872,275 (2,976,047) 15,896,228
Segment profit (loss) 14,723 1,302,547 (91,480) 1,211,066
Segment assets 176,863 20,283,901 (503,922) 19,779,978
Other items:
Depreciation and amortization 1,588 1,232,073 – 1,232,073
Amortization of goodwill – 90,255 – 90,255
Increase in tangible and intangible fixed assets 159 2,508,564 (11,084) 2,497,479
Yen (Millions)
Reportable Segments
Air
Operating revenues from external customers ¥1,388,187 ¥ 50,047 ¥160,070 ¥105,262 ¥1,703,566
Intersegment revenues and transfers 96,413 173,733 9,008 21,767 300,921
Total 1,484,600 223,780 169,078 127,029 2,004,487
Segment profit (loss) 81,667 9,024 4,565 4,067 99,323
Segment assets 2,110,920 139,249 57,030 49,970 2,357,169
Other items:
Depreciation and amortization 125,437 4,696 56 956 131,145
Amortization of goodwill 6 788 − 114 908
Increase in tangible and intangible fixed assets 267,621 7,264 365 1,823 277,073
Yen (Millions)
Operating revenues from external customers ¥ 9,891 ¥1,713,457 ¥ − ¥1,713,457
Intersegment revenues and transfers 22,683 323,604 (323,604) −
Total 32,574 2,037,061 (323,604) 1,713,457
Segment profit (loss) 1,624 100,947 (9,406) 91,541
Segment assets 130,901 2,488,070 (185,633) 2,302,437
Other items:
Depreciation and amortization 184 131,329 − 131,329
Amortization of goodwill − 908 − 908
Increase in tangible and intangible fixed assets 319 277,392 (2,690) 274,702
Geographical information
Net sales to third parties by countries or areas grouped according to geographical classification for the years ended March 31, 2016
and 2015 are summarized as follows:
U.S. dollars
2016 2015 2016
Japan ¥1,474,234 ¥1,420,276 $13,083,368
Overseas 316,953 293,181 2,812,859
Total ¥1,791,187 ¥1,713,457 $15,896,228
Notes: 1. Overseas consists substantially of America, Europe, China, and Asia.
2. Net sales of overseas indicate sales of the company and its consolidated subsidiaries in countries or regions other than Japan.
17. Amounts per share
Amounts per share as of and for the years ended March 31, 2016 and 2015 are as follows:
Yen U.S. dollars

2016 2015 2016
Net assets per share ¥225.87 ¥228.45 $2.00
Net income per share ¥ 22.36 ¥ 11.24 $0.19
Notes:
1. Net income per share assuming full dilution is not disclosed as the company had no dilutive shares during the years ended March 31, 2016 and 2015.
2. The basis for calculating net income per share is as follows:

U.S. dollars
Years ended March 31 2016 2015 2016
Net income attributable to owners of ANA HOLDINGS INC. ¥78,169 ¥39,239 $693,725
Amount not attributable to common shareholders – – –
Net income attributable to common stock ¥78,169 ¥39,239 $693,725
Average number of shares outstanding during the fiscal year (Thousands) 3,496,561 3,492,380 3,496,561
3. The basis for calculating net assets per share is as follows:

U.S. dollars
As of March 31 2016 2015 2016
Net assets ¥794,900 ¥803,552 $7,054,490
Amounts deducted from total net assets 5,004 5,272 44,408
(including Non-controlling interests) (5,004) (5,272) (44,408)
Net assets attributable to common stock at the end of the fiscal year ¥789,896 ¥798,280 $7,010,081
Number of shares of common stock at the end of the fiscal year used to
determine net assets per share (Thousands) 3,497,198 3,494,355 3,497,198
4. The number of the company shares held by the trust account of the ANA Group Employee Stock Ownership Trust as of March 31, 2016 (13,352 thousand shares), the
number of shares as of March 31, 2015 (17,914 thousand shares) and the number of shares held by the Trust for Delivery of Shares to Directors as of March 31, 2016
(1,357 thousand shares) have been deducted from “Average number of shares outstanding during the fiscal year.”
The number of the company shares held by the trust account of the ANA Group Employee Stock Ownership Trust as of March 31, 2016 (11,531 thousand shares), the
number of shares as of March 31, 2015 (15,859 thousand shares) and the number of shares held by the Trust for Delivery of Shares to Directors as of March 31, 2016
(1,357 thousand shares) have been deducted from “Number of shares of common stock at the end of the fiscal year used to determine net assets per share.”
18. Supplementary cash flow information
A reconciliation of the difference between cash on hand and in banks stated in the consolidated balance sheet as of March 31, 2016
and 2015 and cash and cash equivalents in the consolidated statement of cash flows is as follows:
U.S. dollars
2016 2015 2016
Cash on hand and in banks ¥ 55,293 ¥ 43,901 $ 490,708
Time deposits with maturities of more than three months (1,250) (956) (11,093)
Marketable securities 222,380 278,692 1,973,553
Marketable securities with maturities of more than three months (11,300) (112,700) (100,283)
Cash and cash equivalents ¥265,123 ¥ 208,937 $2,352,884
19. Impairment loss
Impairment loss of ¥4,925 million was recognized in the year ended March 31, 2016 mainly because the net book values of assets
expected to be sold were written down to their recoverable amounts.
U.S. dollars
For the year ended March 31, 2016 Yen (Millions) (Thousands)
Application Location Category Impairment loss
Assets expected to be sold Chiba Land, building, structures, Tools, furniture, ¥4,285 $38,028
and fixtures
Idle assets and 2 others Tokyo, etc. Software, etc. ¥ 640 $ 5,679
Total ¥4,925 $43,707
Note: Company housing and dormitories were written down to their recoverable amounts, since the assets are expected to be sold. As a result, impairment loss of ¥4,285
million ($38,028 thousand) was recognized. Details are as follows: ¥2,371 million ($21,041 thousand) for land, ¥1,907 million ($16,924 thousand) for building and
structures and ¥5 million ($44 thousand) for tools, furniture and fixtures.
The recoverable value of the assets is calculated by using fair value less costs to sell.
For the year ended March 31, 2015 Yen (Millions)

Application Location Category Impairment loss
Idle assets Chiba and Hiroshima Tools, furniture and fixtures ¥ 10
Land 101
Total ¥111
Note: The recoverable value of the assets is calculated at fair value less costs to sell. The carrying amounts of tools, furniture and fixtures were written down to their
memorandum value and that of land was rationally assessed by considering the appraisal value based on fixed asset tax.
20. Supplementary information for consolidated statement of income
Inventory was valued using prices after write-downs of book value due to decreased profitability.
Write-downs of inventory included in cost of sales are as follows:
U.S. dollars
2016 2015 2016
¥6,198 ¥282 $55,005
21. Subsequent event
None
Independent Auditors’ Report
Glossary
Passenger Operation Terms Okinawa Cargo Hub & Network Joint Venture
The ANA Group’s unique cargo network. With A joint business in the international airline
Available Seat-Kilometers (ASKs) Okinawa (Naha) Airport as an international industry between two or more airlines.
A unit of passenger transport capacity, analo- cargo hub, the network uses late-night con- Restrictions such as bilateral air agreements
gous to “production capacity.” Total number of necting flights in a hub and spoke system between countries and caps on foreign capital
seats x Transport distance (kilometers). servicing major Asian cities. investments still exist in the international airline
industry. Therefore, airlines form ATI-based joint
Revenue Passenger-Kilometers (RPKs) ventures, instead of the commonly known
Total distance flown by revenue-paying pas- Airline Industry and Company Terms methods used in other industries such as
sengers aboard aircraft. Revenue-paying pas- capital tie-ups and M&As, etc. By forming joint
sengers x Transport distance (kilometers). IATA ventures, airlines in the same global alliance are
The International Air Transport Association. able to offer travelers a broader, more flexible
Load Factor Founded in 1945 by airlines operating flights network along with less expensive fares, thus
Indicates the seat occupancy ratio (status of primarily on international routes, functions strengthening their competitiveness against
seat sales) as the ratio of revenue passenger- include managing arrival and departure slots at other alliances (or joint ventures).
kilometers to available seat-kilometers. Revenue airports and settling receivables and payables
passenger-kilometers / available seat-kilometers. among airline companies. More than 260 Full Service Carrier (FSC)
airlines are IATA members. An airline company that serves a wide range of
Yield markets based on a route network that includes
Unit revenue per revenue passenger-kilometer. ICAO code-sharing connecting demand. FSCs offer
Revenues / revenue passenger-kilometers. The International Civil Aviation Organization. A multiple classes of seats and provide in-flight
specialized agency of the United Nations cre- food and beverages that are included in
Revenue Management ated in 1944 to promote the safe and orderly advance in the fare paid. FSCs are also called
This management technique maximizes rev- development of international civil aviation. More network carriers or legacy carriers when com-
enues by enabling the best mix of revenue- than 190 countries are ICAO members. pared with low cost carriers (LCCs).
paying passengers through yield management
that involves optimum seat sales in terms of Star Alliance Low Cost Carrier (LCC)
optimum timing and price based on network Established in 1997, Star Alliance was the first An airline that provides air transportation ser-
and fare strategy. and is the world’s largest airline alliance. ANA vices at low fares based on a low-cost system
became a member in October 1999. As of July that includes using a single type of aircraft,
Optimizing Supply to Demand 2016, 28 airlines from around the world, includ- charging for in-flight services, and simplifying
Involves flexibly controlling production capacity ing regional airlines, are members. sales. Fundamentally, LCCs operate frequent
(available seat-kilometers) according to demand short- and medium-haul point-to-point flights
trends in ways such as increasing or decreas- Code-Sharing (flights between two locations).
ing the frequencies on routes and adjusting A system in which airline alliance partners allow
aircraft size. each other to add their own flight numbers on Maintenance, Repair, and Overhaul
other partners’ scheduled flights. The frequent (MRO) Business
result is that multiple companies sell seats on A business that is contracted to provide aircraft
Cargo Operation Terms one flight. Also known as jointly operated flights. maintenance services using its own mainte-
nance crew and other personnel, along with
Available Ton-Kilometers (ATKs) Antitrust Immunity (ATI) dedicated facilities. Services include the mainte-
A unit of cargo transport capacity expressed as Granting of advance approval for immunity from nance, repair, and overhaul of aircraft and other
“production capacity.” Total cargo capacity competition laws when airlines operating inter- equipment owned by airlines.
(tons) x Transport distance (kilometers). national routes cooperate on planning routes,
setting fares, conducting marketing activities, Dual Hub Network Strategy
Revenue Ton-Kilometers (RTKs) or other areas, so that the airlines are not in A strategy for using the two largest airports in
Total distance carried by each revenue-paying violation of the competition laws of such coun- the Tokyo metropolitan area (Haneda and Narita)
cargo aboard aircraft. Revenue-paying cargo tries. In Japan, the United States, and South for different yet complementary strategic aims
(tons) x Transport distance (kilometers). Korea, the relevant department of transportation and functions. At Haneda, which offers excellent
grants ATI based on an application (in countries access from central Tokyo, the strategy targets
Freighter other than these three, it is common for a overall air travel demand in the Tokyo metropoli-
Dedicated cargo aircraft. Seats are removed bureau such as a fair trade commission to be in tan area, including the outskirts of Tokyo, as well
from the cabin space where passengers would charge), but in the European Union the business as demand for connecting flights from various
normally sit, and the space is filled with contain- itself performs a self-assessment based on the Japanese cities to international routes that
ers or palletized cargo. law. ATI approval is generally based on the two harness ANA’s existing domestic network.
conditions that the parties do not have the Meanwhile, at Narita the strategy aims to cap-
Belly power to control the market and approval will ture transit demand for travel between third
The space below the cabin on passenger increase user convenience. countries via Narita, focusing on Trans-Pacific
aircraft that is used to transport cargo. travel between North America and Asia/China.
This will be accomplished by upgrading and
Combination Carrier expanding the international network and
An airline that conducts cargo operations that enhancing connecting flights by setting efficient
strategically combine the use of both freighters flight schedules.
(dedicated cargo aircraft) and belly space (cargo
space below the cabin on passenger aircraft).
Market Data
For further information, Fact Book 2016 can be downloaded from the company’s corporate website in PDF format.
http://www.ana.co.jp/group/en/investors/irdata/annual/
International Passenger Market
Number of Japanese Overseas Travelers / Foreign Visitor Arrivals /

Global Air Transportation Passenger Volume by Region Travel Income and Expenditures
RPKs
(Billions) (Thousands) (¥ Billions)
10,000 2,400 35,000 3,500
3,251
2,141
30,000 3,000
1,795
7,500 1,800
1,628 25,000 2,500
6,678 21,358
20,000 1,978 2,000
5,000 1,200 16,369
15,000 1,500
614 10,000 1,000

2,500 600
352 5,000 500

145
0 0 0 0
2010 2011 2012 2013 2014 2015 (Years ended December) 2011 2012 2013 2014 2015 2016 (Years ended March)
(Left) Total (Right) Asia-Pacific Europe North America (Left) Foreign Visitor Arrivals Japanese Overseas Travelers
Middle East Latin America Africa (Right) Travel Income Travel Expenditures
Source: International Air Transport Association (IATA), 2016 * Travel Income and Expenditures include received and spent on accommodation, dining, etc., by foreign visitor arrivals in Japan and
Japanese overseas travelers
Source: Japan National Tourism Organization (JNTO), 2015; Ministry of Finance Japan, 2016
Top 10 Countries/Regions for Japanese Overseas Travelers Top 10 Countries/Regions for Foreign Visitor Arrivals
2014 2013 2015 2014
Ranking Country/Region (Thousands) Ranking (Thousands) Ranking Country/Region (Thousands) Ranking (Thousands)
1 U.S.A.* 3,579 1 3,730 1 China 4,993 3 2,409

2 China 2,717 2 2,877 2 South Korea 4,002 2 2,755
3 South Korea 2,280 3 2,747 3 Taiwan 3,677 1 2,830
4 Taiwan 1,634 6 1,421 4 Hong Kong 1,524 4 926
5 Hawaii 1,510 5 1,523 5 U.S.A. 1,033 5 892
6 Thailand 1,265 4 1,536 6 Thailand 796 6 658
7 Hong Kong 1,078 7 1,057 7 Australia 376 7 303
8 Singapore 824 9 832 8 Singapore 308 9 228
9 Guam 807 8 893 9 Malaysia 305 8 250
10 Viet Nam 647 12 604 10 The Philippines 268 11 184
* U.S.A. (excluding Hawaii and Guam) Source: Japan National Tourism Organization (JNTO), 2016
Source: UNWTO, PATA, National Tourism Offices and National Statistical Offices, 2015
Shares by Alliance
ASKs RPKs
Star Alliance Star Alliance

17.3% 16.3% 17.3% 16.3%
23.8% SkyTeam 23.7% 23.8% 23.7% SkyTeam
oneworld oneworld
Etihad Airways Partners Etihad Airways Partners
18.7% 19.3% 18.7% 19.3%
LCCs LCCs
19.8% Others 20.1% 19.8% 20.1% Others
18.7% 18.8% 18.7% 18.8%
1.8% 1.8% 1.8% 1.8%
Source: Star Alliance, April 2016
Domestic Passenger Market
The Top 10 Airports in Japan by Number of Passengers Number of Domestic Passengers and LCC Share
Ranking Airport (Thousands)
1 Tokyo (Haneda) Number of Passengers LCC Share

(Thousands) (%)
74,214 50,000 25
2 Tokyo (Narita) 32,659
3 Fukuoka 20,004 40,000 20
4 Osaka (Kansai) 19,931
5 30,000 15
Sapporo (New Chitose) 19,530
6 Okinawa (Naha) 17,530 20,000 10
7 Osaka (Itami) 14,620
8 10,000 5
Nagoya (Chubu) 9,812
9 Kagoshima 5,171 0 0
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
10 Sendai 3,239 2012 2013 2014 2015 2016 (Years ended
March)
0 15,000 30,000 45,000 60,000 75,000
Number of Passengers on Domestic Operations (Left) Full Service Carriers LCCs
Number of Passengers on International Operations (Right) LCC Share
Note: Compilation from reports on Status of Airport Operations, fiscal year ended March 2014 Source: Ministry of Land, Infrastructure, Transport and Tourism, fiscal year ended March 2016
Source: Ministry of Land, Infrastructure, Transport and Tourism, 2015
The Top 5 Routes by Passengers Carried: Flight Distance and Time

Ranking Route Number of Passengers (Thousands) Flight Distance (km) (Ref.) Flight Time (Hrs) (Ref.) Shinkansen (Bullet Train) Journey Time (Hrs)
1 Tokyo (Haneda) – Sapporo (New Chitose) 9,015 (+1.2%) 894 1:30 –

2 Tokyo (Haneda) – Fukuoka 8,158 (–0.8%) 1,041 1:45 4:55
3 Tokyo (Haneda) – Okinawa (Naha) 5,246 (+7.0%) 1,687 2:30 –
4 Tokyo (Haneda) – Osaka (Itami) 5,194 (–1.5%) 514 1:05 2:30
5 Tokyo (Haneda) – Kagoshima 2,255 (–0.4%) 1,111 1:45 6:45
Note: Figures in parentheses represent comparisons with the previous fiscal year.
Source: Ministry of Land, Infrastructure, Transport and Tourism, a preliminary report for the fiscal year ended March 2016
Number of Passengers on Domestic Operations by Airline

(Millions) ANA JAL Others (Thousands)
80,000 50,000
42,664
59,421
60,000 37,500
32,114
40,000 38,470 25,000

35,869 21,288
34,425
24,341 25,406
20,000 12,500
0 0
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
(Left) RPKs ASKs (Right) Number of Passengers (Years ended March)
Note: Figures for ANA exclude Vanilla Air Inc.

Sources: 1. Figures for ANA, JAL: The companies’ annual securities reports (consolidated basis).
2. Figures for Total: Ministry of Land, Infrastructure, Transport and Tourism, a preliminary report for the fiscal year ended March 2016.
ANA-Operated International Routes
Haneda routes Narita routes Haneda / Narita routes
Haneda Narita
Dusseldorf
London
Paris
Munich
Dalian Shenyang
Brussels Beijing
Frankfurt Seoul
Qingdao
Chengdu Shanghai
Wuhan
Hangzhou
Hong Kong Guangzhou Xiamen Taipei
Delhi Honolulu
Hanoi
Mumbai Yangon
Bangkok Manila
Phnom Penh
Ho Chi Minh City
Kuala Lumpur
Singapore
Jakarta
Osaka (Kansai) routes Nagoya routes
Dalian
Beijing Sydney
Qingdao Osaka (Kansai)

Nagoya
Shanghai
Hangzhou
Hong Kong
Please refer to the following links for information on flights to the destination of your choice.
[International routes] http://www.ana.co.jp/nwrm_ie/

[Domestic routes] http://www.ana.co.jp/nwrm_de/
Vanilla Air-Operated Routes
Sapporo
(New Chitose)
Tokyo
(Narita)
Osaka
(Kansai)
Amami Oshima
Okinawa (Naha)
Taipei
(Taoyuan)
Hong Kong Kaohsiung
<Operation planned from September 14, 2016>

Vancouver • Okinawa (Naha)–Taipei (Taoyuan)
Seattle May 25, 2016, press release
• Narita–Ho Chi Minh City <via Taipei>
San Francisco Chicago
San Jose New York July 13, 2016, press release
Washington, D.C.
Los Angeles Houston Ho Chi Minh City
Mexico City
Peach Aviation-Operated Routes
Sapporo (New Chitose)

Fukuoka
Nagasaki
Seoul (Incheon) Sendai
Busan Tokyo (Narita, Haneda)
Osaka (Kansai)
Miyazaki
Matsuyama
Kagoshima
Taipei
(Taoyuan) Okinawa (Naha)
Hong Kong Kaohsiung Ishigaki
<Operation
20161030 planned from October 30, 2016>
• Haneda–New York, Chicago, Kuala Lumpur

• −
Timely disclosure filed on June 29, 2016
2016629
20172
<Operation planned from February 2017>
• −
• Narita–Mexico City
Timely disclosure filed on May 12, 2016
2016512
Compilation by ANA HOLDINGS INC. (As of July 1, 2016)
Social Data
Human Resources Data (ANA)

Unit 2016 2015 2014 2013
Number of employees* 1
People 12,859 12,360 12,416 13,731
Number of employees hired overseas*1 People 1,387 1,341 1,334 1,455
Average age of employees*1 Years 36.0 36.0 36.0 38.8
Average years worked*1 Years 10.0 10.0 10.1 13.1
Ratio of female managers*2 % 12.2 10.9 9.8 9.8
Ratio of female directors % 10.5 9.7 3.0 2.5
Number of employees on pregnancy or childcare leave/Men People 581/5 590/5 466/4 477/4
Number of employees on nursing care leave People 12 11 24 29
Ratio of employees with disabilities*3 % 2.32 2.10 2.14 2.07
Work-related accidents 66 77 66 82
*1 As of the end of each fiscal year
*2 As of April 1 of each year
*3 As of June 1 of each year
Total of ANA and qualified ANA Group companies (2016 and 2015: total of 12 companies including 1 special subsidiary; 2014: total of 11 companies including 1 special subsidiary; 2013:
total of 7 companies including 2 special subsidiaries)
Flight-Related Data (Total Number of Passenger Flights on ANA International and Domestic Routes)
(Years ended March) Unit 2016 2015 2014 2013
In-service rate % 98.9 98.9 98.9 98.2

On-time departure rate*4 % 91.9 91.4 91.9 92.9
On-time arrival rate*4 % 88.7 87.6 88.1 89.4
*4 Delays of 16 minutes or less, excluding cancelled flights
Customer-Related Data
Number of customer feedback reports 73,688 70,472 74,982 73,213

[Breakdown by Route Type]
Domestic % 46.0 47.7 49.9 51.2
International % 39.5 38.5 34.9 35.9
Other % 14.5 13.8 15.2 12.9
[Breakdown by Report Type]
Complaint % 35.8 32.2 32.9 36.0
Compliment % 21.2 20.6 21.7 21.1
Comment/Request % 26.1 27.9 29.4 31.2
Other % 16.9 19.3 16.0 11.7
Environmental Data
Environmental data is from the fiscal year ended March 2016 and was compiled from ANA and certain consolidated subsidiaries
(those responsible for air transportation, aircraft maintenance, ground handling, vehicle maintenance, building management, etc.).
Climate Change Countermeasures

Carbon dioxide (CO2) emissions

Total 10,000 tons 1,074 1,031 955 919
[Breakdown]
Aircraft 1,062 1,016 945 909
Passenger [1,005] [961] [899] [866]
Cargo [57] [55] [46] [43]
Ground equipment and vehicles 12.0 14.3 10.4 10.8
[Scope 1/2]
Scope 1 1,065 1,021 948 911
Scope 2 8.9 9.8 10.4 10.8
Aircraft CO2 emissions per RTK kg-CO2 1.05 1.04 1.09 1.13
Total energy consumption

Total Crude oil equipment: 10,000 kl 414 397 389 373
Aircraft energy consumption 408 390 383 369
Ground energy consumption 5.7 6.5 6.0 5.2
Fuel-efficient aircraft (Jet aircraft only)*

Number of fuel-efficient aircraft Aircraft 148 132 118 107
Ratio of fuel-efficient aircraft % 64.9 62.0 52.2 47.1
Discharge of ozone-depleting substances

Fluorocarbon kg 16.4 0.0 0.0 0.0
Halon kg 8.3 0.0 17.7 45.2
* Boeing 777-200, -200ER, -300, -300ER, 787-8, 787-9, 737-700, -700ER, and -800
Resource Savings
Waste produced
Total Thousand tons 28.9 28.9 22.5 23.0
[Breakdown]
General waste (Cabin waste and sewage included) 22.4 21.8 16.4 17.8
General waste (Ground waste included) 2.9 2.6 2.8 2.7
Industrial waste 3.6 4.5 3.3 2.5
Total paper used Thousand tons 4.7 4.7 5.0 5.4
Total water usage

Clean water 10,000 tons 51.1 53.5 50.6 56.8
Non-potable water 10,000 tons 7.2 6.9 4.3 7.1
Total waste treatment (Buildings included) 10,000 tons 16.3 14.6 15.5 17.3
The ANA Group Profile
ANA HOLDINGS INC. Organization (As of July 1, 2016)
Public Relations
Corporate Communications General Administration

General Meeting of Shareholders Internal Audit Division
Corporate Brand & CSR Promotion
Executive Secretariat
Chairman Government & Industrial Affairs

Board of Directors
President and CEO Legal & Insurance
Audit & Supervisory Human Resources Strategy

Board Members
Corporate Planning
Audit & Supervisory Board
Group Corporate Strategy Committee Corporate Strategy Business Development
Audit & Supervisory Board Group CSR Promotion Committee Business Management
Members Office
Strategic Planning-Asia Pacific
Finance, Accounting & Investor Relations
Facilities Planning
Number of Subsidiaries and Affiliates (As of March 31, 2016)
Total of subsidiaries Total of affiliates

Operating segment of which, consolidated of which, equity method of which, equity method
Air Transportation 4 4 — 4 2
Airline Related 47 35 — 6 3
Travel Services 5 5 — 3 1
Trade and Retail 52 10 — 2 —
Others 9 8 1 30 11
Total 117 62 1 45 17
Major Subsidiaries (As of March 31, 2016)

Company name Amount of capital (¥ Millions) Ratio of voting rights holding (%) Principal business
Air Transportation business

ALL NIPPON AIRWAYS CO., LTD. 25,000 100.0 Air transportation
Air Japan Co., Ltd. 50 100.0 Air transportation
ANA WINGS CO., LTD. 50 100.0 Air transportation
Vanilla Air Inc. 7,500 100.0 Air transportation
Airline Related business
ANA Cargo Inc. 100 100.0 Cargo operations
Overseas Courier Service Co., Ltd. 100 91.5 Express shipping business
ANA Systems Co., Ltd. 80 100.0 Innovation and operation of IT systems
Travel Services business
ANA Sales Co., Ltd. 1,000 100.0 Planning and sales of travel packages, etc.
Trade and Retail business
ALL NIPPON AIRWAYS TRADING Co., Ltd. 1,000 100.0 Trading and retailing
Corporate Data (As of March 31, 2016)
Trade Name ANA HOLDINGS INC. Administrator of Register

of Shareholders Sumitomo Mitsui Trust Bank, Limited
Date of Foundation December 27, 1952
(Stock Transfer Agency Department)
Head Office Shiodome City Center, 1-5-2 1-4-1, Marunouchi, Chiyoda-ku, Tokyo
Higashi-Shimbashi, Minato-ku,
Independent Auditor Ernst & Young ShinNihon LLC
Tokyo 105-7140, Japan * Following the closure of the 71st Ordinary General Meeting of
Shareholders, the company newly appointed Deloitte Touche Tohmatsu
LLC as its accounting auditor. Accordingly, future audits will be carried out
Number of Employees 36,273 (Consolidated) by certified public accountants from Deloitte Touche Tohmatsu.
Paid-In Capital ¥318,789 million American Depositary

Receipts Ratio (ADR:ORD): 1:2
Fiscal Year-End March 31
Exchange: OTC (Over-the-Counter)
Number of Shares of Symbol: ALNPY
Common Stock Authorized: 5,100,000,000 shares CUSIP: 016630303
Issued: 3,516,425,257 shares
Depositary:
Number of Shareholders 523,434 The Bank of New York Mellon
101 Barclay Street, 22 West,
Stock Listings Tokyo and London
New York, NY 10286, U.S.A.
Ticker Code 9202 Tel: 1-201-680-6825
U.S. Toll Free: 1-888-269-2377 (888-BNY-ADRS)
URL: http://www.adrbnymellon.com
Forward-Looking Statements
This annual report contains statements based on the ANA Group’s current plans, estimates, strategies, and beliefs; all statements that are not statements of historical fact
are forward-looking statements. These statements represent the judgments and hypotheses of the group’s management based on currently available information. Air
transportation, the group’s core business, involves government-mandated costs that are beyond the company’s control, such as airport utilization fees and fuel taxes.
In addition, conditions in the markets served by the ANA Group are subject to significant fluctuations. Factors that could affect actual results include, but are not limited
to, economic trends, sharp changes in exchange rates, fluctuations in the price of crude oil, and disasters.
Due to these risks and uncertainties, the group’s future performance may differ significantly from the contents of this annual report. Accordingly, there is no assurance that
the forward-looking statements in this annual report will prove to be accurate.
ANA HOLDINGS INC.

Shiodome City Center, 1-5-2 Higashi-Shimbashi, Minato-ku, Tokyo 105-7140, Japan
Contact
Finance, Accounting & Investor Relations E-mail: [email protected]
Corporate Brand & CSR Promotion E-mail: [email protected]

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Consolidated 11-Year Summary: Financial / Data Section

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Financial / Data Section

Consolidated 11-Year Summary

2016 2015 2014

1,483,581 1,411,504 1,357,653 1,228,353 1,392,581 1,487,827 1,489,658 1,368,792 15,896,228

2,137,242 2,002,570 1,928,021 1,859,085 1,761,065 1,783,393 1,602,091 1,666,843 19,779,978

13.51 11.22 9.29 (24.67) (2.19) 32.93 16.77 15.64 0.198

7.0 6.9 5.0 (4.4) 0.5 5.7 6.2 6.5

665,968 651,556 652,611 630,976 699,389 739,514 726,063 685,074 6,084,824

348,319 320,066 280,637 214,124 291,077 311,577 278,478 229,232 4,576,641

32,231 33,248 32,413 31,829 33,097 30,566 30,574 29,659 281,682

463,473 467,348 453,606 458,732 475,014 462,569 457,914 440,750

86,589 87,978 86,057 55,750 69,069 72,192 62,195 55,380 1,005,582

Foreign Exchange Market 130

The yen weakened leading up to the end of 2015 in reflection of 120

of uncertainty in the global economy as well as speculation that the

0.8%. (Source: IATA World Air Transport Statistics, 2015) 145

Review of Operating Segments

Others 33,754 32,574 1,180 1,659 1,624 35 1,838 1,808 30

Changes in Operating Income (2016 vs 2015)

81.6 (¥ Billions) 2016 2015 Change YoY (%)

International Passenger Business Results

Passenger revenues (¥ Billions) 515.6 468.3 +10.1

Yield (¥) 12.7 13.1 –3.4

Domestic Passenger Business Results

Passenger revenues (¥ Billions) 685.6 683.3 +0.3

Yield (¥) 17.8 17.7 +0.6

Cargo and Mail Business Results

<Sales Commissions and Promotion>

conservation efforts, including actively introducing fuel-efficient

Airline Related Trade and Retail

Travel Services Others

travel to Japan increased due to robust demand from Taiwan,

Performance in the Travel Services Segment

Interest Coverage Ratio*

Interest coverage ratio 22.3 14.7

year, to ¥131.0 billion. After income taxes, municipal taxes,

Free Cash Flow Fundamental Approach to Aircraft Procurement

Capital Expenditures* / Depreciation and Amortization

Financial Position Interest-Bearing Debt

¥1,597.0 billion, down ¥11.8 billion from a year earlier. This

Basic Policy on Allocation of Profits

can reduce and offset costs by adjusting fares and charges

(18) Risks Related to IT Systems

The group is highly dependent on information systems for such

critical functions as customer service and operational management.

Investments and long-term receivables:

Property and equipment (Notes 6 and 11):

Deferred income taxes – non-current (Note 9) 55,974 34,835 496,751

Commitments and contingent liabilities (Note 13)

Net assets (Note 12):

Foreign currency translation adjustments 3,873 3,855 34,371

Financial / Data Section

U.S. dollars (Thousands) (Note 3)

Proceeds from issuance of common stock to non-controlling shareholders – 221 –

1. Basis of presenting consolidated financial statements

2. Summary of significant accounting policies

(b) Foreign currency translation

(c) Marketable securities and investment securities

(d) Allowance for doubtful receivables