ANA Group Corporate Strategy for FY
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1 ANA HOLDINGS NEWS ANA Group Corporate Strategy for -15 TOKYO April 30, ANA Group, Japan s largest airline group, today sets out its corporate strategy for -15. Despite the challenging global economic backdrop, ANA Group has a clear strategic plan to position the Company for growth. The strategic plan focuses on the following elements: Build upon the company s new corporate structure and enhanced management team Pursue a multi-brand approach; expanding the portfolio to include ancillary airline services Target expansion in high growth markets, including Asia Continue to differentiate ANA Group as the Leading Global Airline Group Market conditions Due to Airline liberalization and deregulation, which has opened up markets in the airline industry, we are seeing intense competition, not only from existing Japanese airlines, but also from major airlines from Asia, Europe, US and Middle East, and from the full-scale entry of low-cost carriers to the market. We anticipate that this trend will continue as liberalization and deregulation continue at a rapid pace. In addition to this, slot expansion in Tokyo and increasing competition from other modes of transportation, such as the extension of the Shinkansen bullet trains, have intensified competition further. ANA Group Strategy In response to these challenges, and as the company entered its 60th anniversary year, ANA Group has already undertaken a number of reforms, as set out in the ANA Group Corporate Strategy for -13. These include management reforms, the establishment of a multi-brand strategy to expand the portfolio to include ancillary airline services, and changes to the Group s corporate structure to strengthen cost competitiveness and the Group s financial position Building on these changes, ANA Group s -15 Corporate Strategy is designed to position the Group as a best in class airline operator, leading the Japanese market. The strategy includes capitalizing on the new corporate structure and continuing to strengthen the management team. In addition, ANA is pursuing growth by capitalizing on the expansion of airport slots in the Tokyo area and seeking profit diversification through expansion into new business areas which demand our specialist expertise and strategic investment in Asia. 1
2 Outline of the Mid-term Corporate Strategy FY2014 FY2014 FY2015 FY2015 Narita + 20,000 (270,000 Narita + 30,000 (300,000 Haneda + 30,000 (60,000 during daytime Business environment 4 4 Intensified Intensifiedcompetition competitionwith with Japanese Japaneseairlines airlines *Number of international slots ¾¾ Intensified Intensifiedcompetition competitionwith with Bullet Bullettrains, trains,etc. etc. 4 4 Expansion Expansionof ofjapanese JapaneseLCCs, LCCs,and andentry entryof offoreign foreignlccs LCCs ¾¾ Relationships Relationshipswith with ¾¾ Advancement Advancementof oftrade tradeliberalization liberalization neighboring neighboringcountries countries ¾¾ Market Marketfluctuations fluctuationsof ofoil oilprices prices and andexchange exchangerates rates -15 Corporate Strategy ¾Creation of basis for growth strategy ¾Strengthening of financial status ¾Continued implementation along axis included in -13 Corporate Strategy ¾Public Capital 9Entry into new business areas utilizing business increase Toward further characteristics and know-how through a growth areas 9Provision and expansion of existing services outside the group public offering 9Execution of strategic investment in Asia in July 2012 Formation of Corporate Strategy Multi-brand strategy Multi Multi-brand strategy March March 2012: 2012: Peach Peach // August August 2012: 2012: AirAsia AirAsia Japan) Japan) Transition Transition to to holding holding company company (April (April 2013) 2013) Restructuring 100 billion Restructuring of of costs costs // Reduction Reduction of of costs costs by by 100 billion (FY (FY Expansion of Growth Areas Alongside ANA Group s core portfolio, the Company will pursue revenue growth through a multi-brand strategy; expanding into ancillary airline services, and by strengthening its operations in both international and domestic markets. In particular, the Group is looking to capture growth in the Asian market and increase its exposure to non-airline operations, including cargo. Diagram of Business Expansion through Expansion of Growth Areas Growth of seat-km for international flights vs. FY2011 performance *includes AirAsia Japan [-2015 Corporate Strategy] Domestic FY2011 International [-2013 Corporate Strategy] Domestic International Capturing Asian market Acquisition of growth areas Investment in diversified businesses Diversification Expansion of earnings of entire group LCC Cargo Others Multi-brand Multi-brand strategy strategy LCC *dotted circle is a mid-term image Cargo 2
3 (1) International passenger business With slot expansion in Tokyo, ANA will expand its network for international routes departing/arriving from the Tokyo area. It will also incorporate non-japanese demand traveling both into and through Japan in addition to existing Japan-based business demand. (2) Domestic passenger business ANA will continue to differentiate its products & services on its domestic flights in order to ensure the strength of its core business. (3) Low-cost sector ANA Group will continue to develop a profitable, low-cost business model for its LCC business, by improving the level of brand recognition, capturing Asian market demand, and pursuing a low-cost operating model. (4) Cargo ANA aims to drive profitability in its cargo business through a series of measures. It will improve aircraft utilization rates to reduce costs, expand its cargo network by increasing the number of freighters, and carry more freight on ANA s passenger aircraft and flights made by other carriers. ANA will also introduce a business management system to develop business solution for the cargo business. (5) Diversifying into Ancillary Airline Service ANA plans to diversify into other aviation related businesses, in particular in the growth areas of Asia, as well as looking for opportunities for the ANA brand in the airline sector. Strategic Investment Use funds obtained through 2012 public stock offering to invest overseas, to make strategic investments abroad, in particular in Asia, where high economic growth is anticipated. Consider plans to establish an investment management company in Singapore, in June, to accelerate implementation of investment. Invest in Asia to capture growth in that region, with additional synergy benefits to ANA Group s airline business. Diversify into other aviation related businesses, such as aircraft maintenance, utilizing the company s experience, knowledge, resource and brand value, to expand new profit areas. 3
4 Strategic Investment in Asia Entering Execution Phase Public stock offering (Implemented in in July 2012) Enabling balancing of of strengthening of of financial position and strategic investment Stable cash flow (Highest operating income on on record for 2 consecutive years Diversification of earnings areas through strategic investment Expansion of growth areas aimed at further expansion of profits Investment in the airline business centered on Asia Establishment of of an an investment company Date of of establishment: June 2013 (scheduled) Location of of establishment: Singapore Purpose of of establishment: acceleration of of investment, stabilization of of management Mutual synergies Participation in airline-related businesses in Japan and Asia : Formulation of of specific implementation plans FY2014: Expansion of of business in in phases Aiming to to utilize ANA Group knowledge and personnel Maximization of earnings of the ANA Group through business portfolio management Format of Investment Company (Image) ANA Holdings Singapore Investment Company SPC1 SPC2 SPC3 Country A Company A Country B Company B Country C Company C Merging Company (SPC3) SPC: Special Purpose Company Company D Strengthening the Management Base Building on progress from the corporate strategy, ANA Group will continue to: (1) Reform Group Corporate Structure ANA Group will move to a Holding Company structure from this fiscal year in order to achieve the separation of management and execution, fair and equitable group management, and delegation of authority and responsibility to individual group companies. Consolidation of shared back office functions will take place in order to improve efficiency, and some activities may be outsourced. (2) Reform Cost Structure The company is in line to reduce costs by 100 billion yen by fiscal year 2014 (ca. unit cost 1.0 yen). ANA Group also plans to review its pension program and the mid-to-long-term cost impact. 4
5 Progress on Cost Structure Reform Production volume (domestic seat km + international seat km) (Initial FY2011 plan: 100) % 100.1% xx 115.4% Corporate strategy Unit Cost (Initial FY2011 plan: B 21.0B 25.0B 43.0B Unit cost 1-yen reduction plan (Cost down by by 100 billion) Reference point point FY2011 (Initial plan) FY2011 (Actual) (Actual) (Plan) FY2014 FY2015 ANA Group Goals Following the creation of the holding company and its 60 th anniversary last year, ANA Group will benefit from the strategic oversight provided by the strengthened management team. ANA Group has formulated a new group mission statement, management vision, policy on corporate social responsibility, and group action guideline - The ANA s Way. Overview of the Mission Statement and Management Vision (1) New Group Mission Statement The ANA Group Mission Statement represents the corporate group s long-term goals, mission, and purpose. Security and trust are the basic defining responsibilities across the Group. Through these values ANA Group will differentiate itself as the Leading Global Airline Group. 5
6 (2) New Group Corporate Vision The ANA Group Corporate Vision represents our long terms goals and our ambition to become an important corporate player in the air transport business, leading the market in terms of customer satisfaction and value creation. (3) Group CSR Policy and Group Code of Conduct (ANA's Way) The Group CSR policy sets forth ANA s social responsibility to achieve a mission and vision which represent our promise to society as a corporate group. We have already been working on CSR centered on safety but we will shift to a more global level looking at wider range of stakes holder globally. The Group Action Guideline (ANA's Way) forms the cornerstone of actions that ANA Group employees should take to achieve the vision and principles. Management and Financial Goals for Target consolidated operating income for Fiscal 2013 of billion, with a consolidated operating margin of 6.8%. The medium-term goal for consolidated operating income is 150 billion and a consolidated operating margin of 10% or above. Forecast (billion yen) Operating Revenues 1,610.0 Operating Income Profit Margin 6.8% Recurring Profit 80.0 Net Income 45.0 % Growth in international seat km +13.8% % Growth in domestic seat km +4.5% % Growth in international cargo ton km +14.6% % Growth in domestic cargo ton km +4.7% * % Growth is the percent changed from the previous year Contact: ANA Holdings Public Relations TEL About ANA Holdings Inc. ANA Holdings Inc. is an aviation group with global operations and a total of 57 consolidated subsidiaries and 19 affiliates spanning passenger and cargo operations as well as airline-related business such as catering and IT services. ANA Holdings Inc. was formed in April 2013 and is the parent company of the full-service carrier ANA and AirAsia Japan. It also owns a 38.6% stake in Peach, the low-cost carrier based in Kansai Airport. ANA Holdings Inc. promotes a multi-brand 6
7 strategy to leverage the strength of ANA brand and stimulate demand in markets complementary to its full-service airline offering enabling it to expand market share for the Group as a whole and enhance value. ANA Holdings Inc. has 235 aircraft flying to 32 international destinations and 50 domestic cities, carrying more than 43 million passengers each year. It is number one in Asia and eighth in the world, based on revenue. The goal of ANA Holdings Inc. is to be the world s leading airline group for customer satisfaction and value creation. 7
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