[REFERENCE TRANSLATION]
Please note that this translation is to be used solely as reference and the financial statements in this material are unaudited. In case of any discrepancy between this translation and the Japanese original, the latter shall prevail.
Consolidated Financial Results for the Three Months Ended June 30, 2020[IFRS]
Company name | Japan Airlines Co., Ltd | August 3, 2020 | |
Stock Listing | Tokyo Stock Exchange | ||
Code No. | 9201 | URL: http://www.jal.com | |
Representative | Yuji Akasaka, President | ||
Contact | Yuichiro Kito, General Manager, Finance | Phone: +81-3-5460-3121 | |
Scheduled date for filing of Quarterly Report: | August 4, 2020 | ||
Scheduled date for dividend payment: | Not Applicable |
Supplementary explanations of the quarterly financial results: Yes
Presentation for the quarterly financial results: | Yes (for institutional investors and analysts) |
(Amounts are rounded down to the nearest million yen unless otherwise indicated) |
1. Consolidated Financial Results for the Three Months Ended June 30, 2020(April 1, 2020 to June 30, 2020)
(1) Consolidated Operating Results (Cumulative)
Profit before financing | Profit before tax | Profit attributable to | Comprehensive income | ||||||||||||||
Revenue | and income tax | owners of parent | |||||||||||||||
(Loss in brackets) | (Loss in brackets) | ||||||||||||||||
(Loss in brackets) | (Loss in brackets) | ||||||||||||||||
Millions of | % | Millions of | % | Millions of | % | Millions of | % | Millions of | % | ||||||||
Three months | Yen | (78.1) | Yen | - | Yen | - | Yen | - | Yen | - | |||||||
ended June 30, 2020 | 76,391 | (131,010) | (134,333) | (93,707) | (81,159) | ||||||||||||
Three months | 348,808 | - | 19,961 | - | 20,028 | - | 12,958 | - | 9,700 | - | |||||||
ended June 30, 2019 | |||||||||||||||||
Basic earnings per share | Diluted earnings per share | ||||||||||||||||
(Loss in brackets) | |||||||||||||||||
Yen | Yen | ||||||||||||||||
Three months ended June 30, 2020 | (278.06) | - | |||||||||||||||
Three months ended June 30, 2019 | 37.23 | - | |||||||||||||||
(Note) Profit before financing and income tax represents as index to monitor, compare and evaluate the JAL Group's performance continuously. Profit before financing and income tax is Profit from which Income tax expense, Interest, and Finance income and expense are deducte d.
(2) Consolidated Financial Position
Ratio of equity | Equity per share | |||||
Equity attributable to | attributable to owners | |||||
Total Assets | Total Equity | attributable to owners | ||||
owners of the parent | of the parent to | |||||
of the parent | ||||||
total assets | (%) | |||||
Millions of Yen | Millions of Yen | Millions of Yen | Yen | |||
As of June 30, 2020 | 2,037,366 | 968,408 | 934,488 | 45.9 | 2,772.90 | |
As of March 31, 2020 | 1,982,254 | 1,049,617 | 1,014,295 | 51.2 | 3,009.71 | |
2. Dividends
Dividends per Share | ||||||
1st Quarter End | 2nd Quarter End | 3rd Quarter End | Fiscal Year End | Total | ||
Yen | Yen | Yen | Yen | Yen | ||
Year Ended March 31, 2020 | - | 55.00 | - | 0.00 | 55.00 | |
Year Ending March 31, 2021 | - | |||||
Year Ending March 31, 2021 (Forecast) | 0.00 | - | - | - | ||
Note: Revisions to the most recently disclosed dividends forecast: Yes
Note: No interim dividends per share are paid for the fiscal year ending March 2021, considering the spread of COVID-19.
For the forecast of dividends per share for the fiscal year ending March 2021, it remains undetermined at this moment.
3. Consolidated earnings forecast for the fiscal year ending March 31, 2021 Note: Revisions to the most recently disclosed earnings forecast: No
The consolidated financial earnings results forecast for the fiscal year ending March 31, 2021 cannot be provided due to
the difficulty of reasonably & accurately estimating the figures. Please refer to "1. Qualitative Information concerning Financial Results for the First Quarter of FY2020 (3) Explanations of Forecast of Consolidated Financial Results" in the Attachment for the assumptions used and other notes.
The consolidated financial earnings forecast will be disclosed immediately when the business environments becomes foreseeable to a certain extent.
Notes
- Changes in significant consolidated subsidiaries during the three months ended June 30, 2020: None
- Changes in accounting policies / changes in accounting estimates
- Changes in accounting policies due to revisions in accounting standards under IFRS: None
- Changes in accounting policies other than 1): None
- Changes in accounting estimates: None
-
Number of shares issued (common stock)
(a) Total number of shares issued at the end of the period (including treasury shares)
As of June 30, 2020 | : | 337,143,500 |
As of March 31, 2020 | : | 337,143,500 |
(b) Number of treasury shares at the end of the period | ||
As of June 30, 2020 | : | 136,157 |
As of March 31, 2020 | : | 136,157 |
(c) Average number of shares outstanding | ||
During the three months ended June 30, 2020 | : | 337,007,343 |
During the three months ended June 30, 2019 | : | 348,025,693 |
Indication of quarterly review procedure implementation status
This document is unaudited by certificated public accountants or audit firms.
Explanation for appropriate use of forecasts and other notes
Remarks on the description on future forecast
The forward-looking statements such as operational forecasts contained in this statements summary are based on information currently available to the Company and certain assumptions which are regarded as legitimate. However it does not mean that we guarantee its achievement. Actual results may differ from such forward-looking statements for a variety of reasons.
(Adoption of International Financial Reporting Standards (IFRS))
IFRS is applied from the fiscal year ending March 31, 2021, instead of the Japanese standard. Accordingly, the figures in the previous cumulative quarterly consolidated fiscal year and the previous consolidated fiscal year are also calculated in IFRS as well for comparison analysis.
- The Company holds a presentation for institutional investors and analysts on August 3, 2020. Documents distributed at the presentation are scheduled to be posted on our website on the same day.
Attachment
CONTENTS | ||
1. Qualitative Information concerning Financial Results for the First Quarter of FY2020 | 2 | |
(1) | Explanation of Operating Results | 2 |
(2) | Explanation on Financial Position | 5 |
(3) | Explanations of Forecast of Consolidated Financial Results | 6 |
(4) | Dividends | 6 |
2. Condensed quarterly consolidated financial statement and primary notes | 7 | |
(1) | Condensed quarterly Consolidated Statement of Financial Position | 7 |
(2) | Condensed quarterly Consolidated Statement of profit or loss and Comprehensive Income | 9 |
(3) | Condensed quarterly Consolidated Statement of Changes in Equity | 11 |
(4) | Condensed quarterly Consolidated Statement of Cash flows | 13 |
(5) | Notes for Condensed quarterly Consolidated Financial Statements | 14 |
(Reporting company) | 14 | |
(Basis of preparation) | 14 | |
(Going Concern Assumption) | 14 | |
(Revenue) | 15 | |
(Segment Information) | 17 | |
(Supplementary information) | 18 |
1
1. Qualitative Information concerning Financial Results for the First Quarter of FY 2020
-
Explanation of Operating Results
The revenue decreased by 78.1% year on year to 76.3 billion yen, the operating expense decreased by 37.8% year on year to
205.8 billion yen, the loss before financing and income tax (hereinafter referred as "EBIT") was 131 billion yen (EBIT 19.9 billion yen in the same period in the previous year).The loss attributable to owners of the parent for the three months ended June 30, 2020 (from April 1, 2020 to June 30, 2020 hereinafter referred as the "First Quarter Period") was 93.7 billion yen (the profit attributable to owners of the parent 12.9 billion yen in the same period in the previous year).
Consolidated financial results are as follows.
(JPY Bn) | Three months ended | Three months ended | % or points compared to |
June 30, 2019 | June 30, 2020 | prior period | |
Revenue | 348.8 | 76.3 | 21.9% |
International Passenger | 130.6 | 2.7 | 2.1% |
Domestic Passenger | 127.1 | 18.9 | 14.9% |
Cargo / Mail | 22.7 | 26.5 | 116.9% |
Other | 68.3 | 28.1 | 41.2% |
Operating Expense | 330.9 | 205.8 | 62.2% |
Fuel | 63.6 | 19.4 | 30.5% |
Excluding Fuel | 267.2 | 186.3 | 69.8% |
Profit or loss before financing and income | 19.9 | (131) | - |
tax (EBIT) (Loss in brackets) | |||
EBIT Margin (%) | 5.7 | (171.5) | (177.2) |
Profit or loss attributable to | 12.9 | (93.7) | - |
owners of the parent (Loss in brackets) | |||
Note: Figures have been truncated and percentages | are rounded off to the first decimal place. |
※: Profit before financing and income tax is defined as EBIT for the JAL Group. EBIT is calculated as Profit excluding Income tax expense, Interest, and Finance income and expense.
※: EBIT Margin=EBIT/ Revenue.
The world and Japanese economy have rapidly declined since January 2020 with the spread of COVID -19 and have stagnated globally in the First Quarter period of FY2020. The airline industry has been unprecedentedly affected to fall into very difficult circumstances. The worldwide spread of COVID-19 infection has imposed severe restriction on international travel globally, causing the international passenger demand to almost disappear. Upon the declaration of the State of Emergency on April 7 in Japan, the domestic passenger demand also fell rapidly and unprecedentedly as inter-prefecture travel was strongly discouraged by the government.
In some countries and areas, the spread of COVID-19 infection has weakened, however, many countries and areas still show no sign of slowing down of the spread, which makes the recovery of international passenger demand unforeseeable. On the other hand, after inter-prefecture domestic travel was allowed in Japan from June 19, the domestic passenger demand has been gradually recovering. The Japanese society is still struggling to find how to resume economic activities with infection prevention measures, thus it is expected to take more time for the domestic passenger demand to make a full recovery.
Amid this business environment, securing safety for our passengers and employees as the first priority, the JAL group has been seeking to fulfill its responsibilities as public transportation operator by sustaining domestic air transport network for passengers who needs to travel. Also, it operated chartered rescue flights between Thailand, India, Russia, the United States, China and Japan for those who wanted to return to their homelands. To ensure safety and security, the JAL group has implemented hygiene measures such as asking for cooperation from passengers to take temperature check before boarding and to keep social distances, regular and frequent disinfecting of airport facilities and aircrafts, and wearing face masks and face guards to prevent infection.
To this rapidly-decreasing demand, we are making continuous efforts of reducing our capacity to minimize our operating cost, together with fixed cost restructuring by in-sourcing operations instead of outsourcing, reducing IT expenditure and reducing personnel cost including bonus cut. The cost reduction targets that we have disclosed earlier are most likely to be achieved, hence, we will make a further cost reduction to cover the effect on our performance of slow demand recovery. For cargo operation, most of airlines reduced their cargo capacity by cancellation of flights and the demand-supply situation became tightened. In such circumstances, the JAL Group has been striving to support logistics domestically and globally by operating passenger aircraft for cargo flights to carry medical supplies such as medical masks or protective clothing. As the passenger and
2
flight number decreases, the workload of employees that are closely related to flight operation also decreases. The JAL Group uses this occasion for further growth, once COVID-19 infection ends, by reviewing operation manuals or enhancing training to improve each employee's ability.
In the current unprecedented situation, the Japanese government assists the airline industry with public support including deferral or exemption of landing fees and jet fuel tax. We would like to show our sincere gratitude for the support.
We will ensure flight safety and prevention of further spread of COVID-19. With those supports, we will pursue further cost reduction and then survive this hardship and prepare for recovery.
The JAL group will continue to reduce operating costs and to increase its revenue as much as possible with keeping a close eye on the passenger travel demand, considering the spread of COVID-19 in Japan and the world, and the outlook of the world and Japanese economy.
As a result of the above, the available seat kilometers (ASK) for International Passenger Business in the first quarter decreased by 91.7% year over year, its passenger traffic decreased by 98.6% year over year, its revenue passenger kilometers (RPK) decreased by 98.3% year over year, and the load factor decreased to 17.5%. Likewise, the available seat kilometers (ASK) for Domestic Passenger Business decreased by 64.2% year over year, its passenger traffic decreased by 86.7% year over year, its revenue passenger kilometers (RPK) decreased by 86.9% year over year, and the load factor decreased to 28.3%.
Financial results for each segment are as follows.
Air Transportation Segment
In the first quarter period, Revenue in Air Transportation Segment decreased by 77.9% year on year to 70.2 billion yen and the loss before investing, financing and income tax (hereinafter referred as "Segment profit (or loss)") was 130.7 billion yen (segment profit 16.8 billion yen in the same period in the previous year).
(Revenue and Segment profit (or loss) are before elimination of transactions between segments.) The international passenger revenue was 2.7 billion yen, or down 97.9 % year over year. The domestic passenger revenue was 18.9 billion yen, or down 85.1 % year over year.
The cargo and mail revenue was 26.5 billion yen, or up16.9 % year over year.
3
Consolidated Traffic Results
Three months ended | Three months ended | % or points compared to | |
June 30, 2019 | June 30, 2020 | prior period | |
INTERNATIONAL | |||
Revenue passengers carried | 2,429,153 | 33,875 | 1.4% |
(number of passengers) | |||
Revenue passenger km | 12,016,489 | 198,894 | 1.7% |
(1,000 passenger-km) | |||
Available seat km (thousands) | 13,767,453 | 1,138,551 | 8.3% |
Revenue passenger-load factor (%) | 87.3 | 17.5 | (69.8) |
Revenue cargo ton-km (thousands) | 589,970 | 350,745 | 59.5% |
Mail ton-km (thousands) | 40,033 | 30,823 | 77.0% |
DOMESTIC | |||
Revenue passengers carried | 9,272,838 | 1,231,323 | 13.3% |
(number of passengers) | |||
Revenue passenger-km | 6,973,321 | 911,954 | 13.1% |
(1,000 passenger-km) | |||
Available seat km (thousands) | 9,022,198 | 3,227,571 | 35.8% |
Revenue passenger-load factor (%) | 77.3 | 28.3 | (49.0) |
Revenue cargo ton-km (thousands) | 80,716 | 54,026 | 66.9% |
Mail ton-km (thousands) | 6,300 | 4,612 | 73.2% |
TOTAL | |||
Revenue passengers carried | 11,701,991 | 1,265,198 | 10.8% |
(number of passengers) | |||
Revenue passenger-km | 18,989,811 | 1,110,849 | 5.8% |
(1,000 passenger-km) | |||
Available seat km (thousands) | 22,789,651 | 4,366,123 | 19.2% |
Revenue passenger-load factor (%) | 83.3 | 25.4 | (57.9) |
Revenue cargo ton-km (thousands) | 670,687 | 404,772 | 60.4% |
Mail ton km (thousands) | 46,333 | 35,436 | 76.5% |
1. Revenue Passenger Kilometers (RPK) is the number of fare-paying passengers multiplied by the distance flown (km). Available Seat Kilometers (ASK) is the number of available seats multiplied by the distance flown (km).
Revenue Cargo Ton Kilometers (RCTK) is the amount of cargo (ton) transported multiplied by the distance flown (km).
- The distance flown between two points, used for calculations of RPK, ASK and RCTK above is based on the great-circle distance and according to statistical data from IATA (International Air Transport Association) and ICAO (International Civil Aviation Organization).
- International operations: Japan Airlines Co., Ltd.,
Domestic operations: Japan Airlines Co., Ltd., Japan Transocean Air Co., Ltd., Japan Air Commuter Co., Ltd., J-Air Co., Ltd., Ryukyu Air Commuter Co., Ltd., and Hokkaido Air System Co., Ltd.,
- Figures have been truncated and percentages are rounded off to the first decimal place.
- From FY2020, upon the application of IFRS, passengers flying with mileage award tickets are included as fare-paying passengers, and those passengers are included in Revenue passenger carried, Revenue passenger km and Revenue passenger-load factor. These changes are reflected in the corresponding figures in FY2019.
- For International Revenue passenger carried and International Revenue passenger km, Japan Airline's sales with codeshare flights operated by oneworld alliance member carriers except joint venture partners is excluded from FY2020. This change is also reflected in the corresponding figures in FY2019.
4
-
Explanation of Financial Position (Assets, liabilities and net asset)
The assets in first quarter period increased by 55.1 billion yen from the end of the previous consolidated fiscal year to 2 trillion
and 37.3billion yen. Out of the current assets, Cash and Cash equivalents increased by 65.1 billion yen due to swift capital-raising to the total of 394.3 billion yen. Trade and other receivables decreased by 19.5 billion yen due to the decrease of International Passenger Revenue. Then, Current assets increased by 41.8 billion yen from the end of the previous consolidated fiscal year to
- billion yen. Non-current assets increased by 13.2 billion yen through the increase of Deferred tax assets to 1 trillion and
- billion yen.
The liabilities increased by 136.3 billion yen from the end of the previous consolidated fiscal year to 1 trillion and 68.9 billion yen due to the capital raising of approximately 230 billion yen to ensure enough liquidity at hand.
The equity decreased by 81.2 billion yen from the end of the previous consolidated fiscal year to 968 .4 billion yen, as a result of loss attributable to owner of the parent of 93.7 billion yen.
The JAL Group has taken steps to raise capital backed by its strong financial position, and has borrowed, as of date, an additional approximately 300 billion yen from financial institutions since February 2020 when the spread of COVID-19 became apparent, in several countries. We have also secured a 200 billion yen credit line that remains unused as of today. As result, we have flexibly raised capital totaling approximately 500 billion yen since February 2020 and will have necessary liquidity at hand for the time being.
We will continue to make every effort to secure liquidity at hand and promptly implement financial policies that contribute to the stabilization of management.
(Outline of Cash Flows)
Cash and cash equivalents at end of first quarter period increased by 65.1 billion yen from the end of the previous consolidated fiscal year to 394.3 billion yen.
- Cash Flows from Operating Activities
As a total of quarterly loss before tax of 134.3 billion yen, non-cash expenses like depreciation, retirement benefit liability, and Trade and other payables and receivables, cash flow from operating activities (outflow) was 130.2 billion yen (cash inflow of 56.6 billion yen in the same period of the previous year).
- Cash Flows from Investing Activities
Cash flow from investing activities (outflow) was 25.1 billion yen mainly due to acquisition of Fixed assets (cash outflow of 49.4 billion yen in the same period of the previous year).
- Cash Flows from Financing Activities
Cash flow from financing activities (inflow) was 220.4 billion yen mainly due to long term debts (cash outflow of 37.1 billion yen in the same period of the previous year).
5
(3) Explanations of Forecast of Consolidated Financial Results
At present, it is difficult to disclose a forecast of consolidated earnings for the fiscal year ending March 2021, because these figures may significantly fluctuate depending on circumstances when the negative impacts of COVID -19 are settled and international and domestic passenger demand recover.
However, we would like to show the following simulation to present what extent International Passenger Revenue and Domestic Passenger Revenue would change in certain scenarios of different passenger demand recovery trends as a year-on- year analysis. We applied certain assumptions in calculating the values, using the percentage figures of FY2019 financial results (※).
The demand recover trend is not clear enough for us to express our estimate yet, but based on the above assumptions, the total revenue of both International Passenger and Domestic Passenger might decline to an around 35%~45% level year on year in FY2020 (※). Taking into account the other revenue and further cost reduction including fixed costs, profit, as EBIT basis, might also decline by approximately 50% of the revenue decline.
Note: Even if the assumptions do not change, passenger revenues may not end at figures indicated in the above table.
※: FY2019 Results is the revised forecast that was disclosed at FY2019Q3 Financial Results disclosed on Jan. 31, 2020
The consolidated financial earnings forecast will be disclosed immediately when the business environments becomes foreseeable to a certain extent.
(4) Dividends
Due to the spread of COVID-19 since February 2020, the airline industry including the JAL Group has been severely affected. As a result, EBIT decreased to loss of 131 billion yen. Yet, it is unclear when the COVID-19 spread would abate and diminish.
Considering the above, we determined to pursue liquidity at hand as our first priority. Therefore, we regret that we have determined not to pay interim dividends. We sincerely apologize to our shareholders and investors and would like to ask for their understanding amid the very difficult situation that we are currently in.
For the forecast of the year-end dividends per share and the total dividends per share for the fiscal year ending March 2021, it will be undetermined because the impact of the new coronavirus on JAL's performance is not foreseeable at this moment.
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2. Condensed quarterly consolidated financial statement and primary notes
(1) Condensed quarterly consolidated statement of financial position
The date of | As of March 31, | As of June 30, | |||
transition to IFRS | |||||
2020 | 2020 | ||||
(April 1.2019) | |||||
Millions of yen | Millions of yen | Millions of yen | |||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 522,064 | 329,149 | 394,315 | ||
Trade and other receivables | 144,053 | 94,071 | 74,559 | ||
Other financial assets | 5,067 | 1,305 | 1,720 | ||
Inventories | 23,682 | 28,409 | 27,889 | ||
Other current assets | 46,442 | 55,500 | 51,773 | ||
Total current assets | 741,309 | 508,435 | 550,258 | ||
Non-current assets | |||||
Tangible fixed assets | |||||
Flight equipment | 795,439 | 894,835 | 880,893 | ||
Advances on flight equipment | 138,569 | 102,519 | 95,392 | ||
Other tangible fixed assets | 77,495 | 86,462 | 84,752 | ||
Total tangible fixed assets | 1,011,504 | 1,083,817 | 1,061,038 | ||
Intangible assets | 92,255 | 95,777 | 94,582 | ||
Investments accounted for using equity method | 31,697 | 31,105 | 27,151 | ||
Other financial assets | 119,515 | 120,218 | 126,810 | ||
Deferred tax assets | 143,422 | 122,323 | 157,362 | ||
Retirement benefit asset | 1,178 | 938 | 984 | ||
Other non-current assets | 12,765 | 19,638 | 19,178 | ||
Total non-current assets | 1,412,338 | 1,473,819 | 1,487,107 | ||
Total assets | 2,153,648 | 1,982,254 | 2,037,366 | ||
7
The date of | As of March 31, | As of June 30, | |||
transition to IFRS | |||||
2020 | 2020 | ||||
(April 1.2019) | |||||
Millions of yen | Millions of yen | Millions of yen | |||
Liabilities and equity | |||||
Liabilities | |||||
Current liabilities | |||||
Trade and other payables | 137,684 | 125,208 | 73,644 | ||
Interest-bearing liabilities | 38,408 | 38,618 | 50,742 | ||
Other financial liabilities | 39,108 | 51,065 | 30,218 | ||
Income taxes payable | 19,192 | 2,824 | 3,083 | ||
Contract liabilities | 294,663 | 251,809 | 228,167 | ||
Provisions | - | 1,220 | 299 | ||
Other current liabilities | 49,916 | 30,903 | 40,253 | ||
Total current liabilities | 578,972 | 501,651 | 426,409 | ||
Non-current liabilities | |||||
Interest-bearing liabilities | 185,920 | 238,811 | 453,932 | ||
Other financial liabilities | 8,771 | 13,913 | 11,863 | ||
Deferred tax liabilities | 163 | 222 | 114 | ||
Provisions | 14,594 | 14,645 | 14,666 | ||
Retirement benefit liability | 256,305 | 151,330 | 149,391 | ||
Other non-current liabilities | 13,243 | 12,062 | 12,579 | ||
Total non-current liabilities | 478,999 | 430,985 | 642,547 | ||
Total liabilities | 1,057,972 | 932,637 | 1,068,957 | ||
Equity | |||||
Share capital | 181,352 | 181,352 | 181,352 | ||
Capital surplus | 182,437 | 182,437 | 182,437 | ||
Retained earnings | 666,030 | 645,408 | 551,426 | ||
Treasury shares | (408) | (408) | (408) | ||
Accumulated other comprehensive income | |||||
Financial assets measured at fair value through | 31,097 | 28,793 | 32,092 | ||
other comprehensive income | |||||
Effective portion of cash flow hedges | 1,837 | (23,146) | (12,324) | ||
Exchange differences on translation of foreign | - | (141) | (88) | ||
operations | |||||
Total accumulated other comprehensive income | 32,934 | 5,506 | 19,680 | ||
Total equity attributable to owners of parent | 1,062,345 | 1,014,295 | 934,488 | ||
Non-controlling interests | 33,330 | 35,321 | 33,920 | ||
Total equity | 1,095,675 | 1,049,617 | 968,408 | ||
Total liabilities and equity | 2,153,648 | 1,982,254 | 2,037,366 | ||
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(2) Condensed quarterly consolidated statement of profit or loss and other comprehensive income
Three months ended | Three months ended | |||
June 30, 2019 | June 30, 2020 | |||
Millions of yen | Millions of yen | |||
Revenue | ||||
International passenger revenue | 130,610 | 2,711 | ||
Domestic passenger revenue | 127,103 | 18,950 | ||
Other revenue | 91,094 | 54,729 | ||
Total revenue | 348,808 | 76,391 | ||
Other income | 1,489 | 1,255 | ||
Operating expenses | ||||
Personnel expenses | (76,085) | (64,792) | ||
Aircraft fuel | (63,677) | (19,436) | ||
Depreciation, amortization and impairment losses | (40,297) | (44,600) | ||
Other operating expenses | (150,841) | (76,997) | ||
Total operating expenses | (330,900) | (205,827) | ||
Operating profit (Loss in brackets) | 19,396 | (128,179) | ||
Share of profit of investments accounted for using | 383 | (3,857) | ||
equity method | ||||
Profit before investing, financing and income tax | 19,780 | (132,037) | ||
(Loss in brackets) | ||||
Income/expenses from investments | ||||
Investing income | 1,243 | 1,074 | ||
Investing expenses | (1,062) | (46) | ||
Profit before financing and income tax (Loss in brackets) | 19,961 | (131,010) | ||
Finance income/expenses | ||||
Finance income | 526 | 549 | ||
Finance expenses | (459) | (3,872) | ||
Profit before tax (Loss in brackets) | 20,028 | (134,333) | ||
Income tax expense | (6,148) | 39,204 | ||
Profit (Loss in brackets) | 13,879 | (95,128) | ||
Profit attributable to | ||||
owners of parent | 12,958 | (93,707) | ||
Non-controlling interests | 920 | (1,421) | ||
Other comprehensive income | ||||
Items that will not be reclassified to profit or loss | ||||
Net change in fair value of equity instruments | ||||
designated as measured at fair value through other | 177 | 3,059 | ||
comprehensive income | ||||
Share of other comprehensive income of | (52) | (2) | ||
investments accounted for using equity method | ||||
Total of items that will not be reclassified to profit | 125 | 3,056 | ||
or loss | ||||
Items that may be reclassified to profit or loss | ||||
Effective portion of cash flow hedges | (3,851) | 10,321 | ||
Exchange differences on translation of foreign | (139) | (44) | ||
operations | ||||
Share of other comprehensive income of | (313) | 635 | ||
investments accounted for using equity method | ||||
Total of items that may be reclassified to profit or | (4,304) | 10,912 | ||
loss | ||||
Other comprehensive income | (4,178) | 13,969 | ||
Comprehensive income | 9,700 | (81,159) | ||
9
Three months ended | Three months ended | ||
June 30, 2019 | June 30, 2020 | ||
Millions of yen | Millions of yen | ||
Comprehensive income attributable to | |||
Owners of parent | 8,782 | (79,758) | |
Non-controlling interests | 918 | (1,401) | |
Earnings per share | |||
Basic earnings per share | 37.23 | (278.06) | |
Diluted earnings per share | - | - |
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(3) Condensed quarterly consolidated statement of changes in equity
Consolidated financial results for the first quarter of FY2019 (April 1, 2019 to June 30, 2019)
Equity attributable to owners of parent | |||||||||||||||||
Accumulated other | |||||||||||||||||
comprehensive income | |||||||||||||||||
Financial | |||||||||||||||||
Retained | assets | Effective | |||||||||||||||
Share capital | Capital surplus | Treasury shares | measured at | ||||||||||||||
earnings | portion of | ||||||||||||||||
fair value | |||||||||||||||||
cash flow | |||||||||||||||||
through other | |||||||||||||||||
hedges | |||||||||||||||||
comprehensiv | |||||||||||||||||
e income | |||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||||||||||
Balance as of April 1, 2019 | 181,352 | 182,437 | 666,030 | (408) | 31,097 | 1,837 | |||||||||||
Profit | - | - | 12,958 | - | - | - | |||||||||||
Other comprehensive income | - | - | - | - | 117 | (4,134) | |||||||||||
Comprehensive income | - | - | 12,958 | - | 117 | (4,134) | |||||||||||
Dividends | - | - | (19,189) | - | - | - | |||||||||||
Transfer to non-financial assets | - | - | - | - | - | (78) | |||||||||||
Purchase of treasury shares | - | - | - | (7,676) | - | - | |||||||||||
Transfer to retained earnings | - | - | (617) | - | 617 | - | |||||||||||
Total transactions with owners | - | - | (19,806) | (7,676) | 617 | (78) | |||||||||||
Balance as of June 30, 2019 | 181,352 | 182,437 | 659,181 | (8,084) | 31,832 | (2,375) | |||||||||||
Equity attributable to owners of parent | |||||||||||||||||
Accumulated other | |||||||||||||||||
comprehensive income | Total Equity | Non-controlling | |||||||||||||||
Exchange | Total | Total equity | |||||||||||||||
attributable to | interests | ||||||||||||||||
differences on | accumulated | ||||||||||||||||
owners of | |||||||||||||||||
translation of | other | ||||||||||||||||
parent | |||||||||||||||||
foreign | comprehensive | ||||||||||||||||
operations | income | ||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | Millions of yen | |||||||||||||
Balance as of April 1, 2019 | - | 32,934 | 1,062,345 | 33,330 | 1,095,675 | ||||||||||||
Profit | - | - | 12,958 | 920 | 13,879 | ||||||||||||
Other comprehensive income | (158) | (4,176) | (4,176) | (2) | (4,178) | ||||||||||||
Comprehensive income | (158) | (4,176) | 8,782 | 918 | 9,700 | ||||||||||||
Dividends | - | - | (19,189) | (2,376) | (21,566) | ||||||||||||
Transfer to non-financial assets | - | (78) | (78) | - | (78) | ||||||||||||
Purchase of treasury shares | - | - | (7,676) | - | (7,676) | ||||||||||||
Transfer to retained earnings | - | 617 | - | - | - | ||||||||||||
Total transactions with owners | - | 539 | (26,944) | (2,376) | (29,320) | ||||||||||||
Balance as of June 30, 2019 | (158) | 29,297 | 1,044,184 | 31,871 | 1,076,055 | ||||||||||||
11
Consolidated financial results for the first quarter of FY2020 (April 1, 2020 to June 30, 2020)
Equity attributable to owners of parent | |||||||||||||||||
Accumulated other | |||||||||||||||||
comprehensive income | |||||||||||||||||
Financial | |||||||||||||||||
Retained | assets | Effective | |||||||||||||||
Share capital | Capital surplus | Treasury shares | measured at | ||||||||||||||
earnings | portion of | ||||||||||||||||
fair value | |||||||||||||||||
cash flow | |||||||||||||||||
through other | |||||||||||||||||
hedges | |||||||||||||||||
comprehensiv | |||||||||||||||||
e income | |||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||||||||||
Balance as of April 1, 2020 | 181,352 | 182,437 | 645,408 | (408) | 28,793 | (23,146) | |||||||||||
Profit | - | - | (93,707) | - | - | - | |||||||||||
Other comprehensive income | - | - | - | - | 3,025 | 10,870 | |||||||||||
Comprehensive income | - | - | (93,707) | - | 3,025 | 10,870 | |||||||||||
Dividends | - | - | - | - | - | - | |||||||||||
Transfer to non-financial assets | - | - | - | - | - | (48) | |||||||||||
Purchase of treasury shares | - | - | - | - | - | - | |||||||||||
Transfer to retained earnings | - | - | (273) | - | 273 | - | |||||||||||
Total transactions with owners | - | - | (273) | - | 273 | (48) | |||||||||||
Balance as of June 30, 2020 | 181,352 | 182,437 | 551,426 | (408) | 32,092 | (12,324) | |||||||||||
Equity attributable to owners of parent | |||||||||||||||||
Accumulated other | |||||||||||||||||
comprehensive income | Total Equity | Non-controlling | |||||||||||||||
Exchange | Total | Total equity | |||||||||||||||
attributable to | interests | ||||||||||||||||
differences on | accumulated | ||||||||||||||||
owners of | |||||||||||||||||
translation of | other | ||||||||||||||||
parent | |||||||||||||||||
foreign | comprehensive | ||||||||||||||||
operations | income | ||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | Millions of yen | |||||||||||||
Balance as of April 1, 2020 | (141) | 5,506 | 1,014,295 | 35,321 | 1,049,617 | ||||||||||||
Profit | - | - | (93,707) | (1,421) | (95,128) | ||||||||||||
Other comprehensive income | 52 | 13,949 | 13,949 | 20 | 13,969 | ||||||||||||
Comprehensive income | 52 | 13,949 | (79,758) | (1,401) | (81,159) | ||||||||||||
Dividends | - | - | - | - | - | ||||||||||||
Transfer to non-financial assets | - | (48) | (48) | - | (48) | ||||||||||||
Purchase of treasury shares | - | - | - | - | - | ||||||||||||
Transfer to retained earnings | - | 273 | - | - | - | ||||||||||||
Total transactions with owners | - | 225 | (48) | - | (48) | ||||||||||||
Balance as of June 30, 2020 | △88 | 19,680 | 934,488 | 33,920 | 968,408 | ||||||||||||
12
- Condensed quarterly consolidated statement of cash flows
Three months ended | Three months ended | |||
June 30, 2019 | June 30, 2020 | |||
Millions of yen | Millions of yen | |||
Cash flows from operating activities | ||||
Profit before tax | 20,028 | (134,333) | ||
Depreciation, amortization and impairment losses | 40,297 | 44,600 | ||
Loss (gain) on sale and retirement of fixed assets | 781 | 257 | ||
Increase (decrease) in retirement benefit liability | (1,670) | (1,937) | ||
Interest and dividend income | (1,357) | (1,096) | ||
Interest expenses | 341 | 477 | ||
Foreign exchange loss (gain) | (297) | (199) | ||
Share of loss (profit) of investments accounted for | (383) | 3,857 | ||
using equity method | ||||
Decrease (increase) in trade and other receivables | (207) | 19,841 | ||
Decrease (increase) in inventories | (1,410) | (767) | ||
Increase (decrease) in trade and other payables | (16,614) | (44,435) | ||
Increase (decrease) in contract liabilities | 21,351 | (23,641) | ||
Other, net | 18,237 | 8,831 | ||
Subtotal | 79,094 | (128,545) | ||
Income taxes paid | (22,445) | (1,666) | ||
Net cash provided by (used in) operating activities | 56,648 | (130,211) | ||
Cash flows from investing activities | ||||
Purchase of non-current assets | (53,843) | (25,789) | ||
Proceeds from sales of non-current assets | 925 | 224 | ||
Purchase of other financial assets | (170) | (3,137) | ||
Proceeds from sale of other financial assets | 325 | 468 | ||
Payments for loans receivable | (73) | (58) | ||
Collection of loans receivable | 108 | 167 | ||
Interest received | 163 | 71 | ||
Dividends received | 1,570 | 1,343 | ||
Other, net | 1,502 | 1,587 | ||
Net cash provided by (used in) investing activities | (49,491) | (25,122) | ||
Cash flows from financing activities | ||||
Net increase (decrease) in short-term borrowings | (0) | (37) | ||
Proceeds from long-term borrowings | - | 230,323 | ||
Repayments of long-term borrowings | - | (40) | ||
Purchase of treasury shares | (10,005) | - | ||
Interest paid | (110) | (89) | ||
Dividends paid | (18,713) | (12) | ||
Dividends paid to non-controlling interests | (2,175) | - | ||
Repayments of lease liabilities | (6,221) | (6,377) | ||
Other, net | 106 | (3,311) | ||
Net cash provided by (used in) financing activities | (37,121) | 220,455 | ||
Effect of exchange rate changes on cash and cash | (398) | 45 | ||
equivalents | ||||
Net increase (decrease) in cash and cash equivalents | (30,361) | 65,166 | ||
Cash and cash equivalents at beginning of period | 522,064 | 329,149 | ||
Cash and cash equivalents at end of period | 491,702 | 394,315 | ||
13
- Notes for Condensed quarterly consolidated financial statements
(Reporting company)
Japan Airlines Co., Ltd. (hereinafter the "Company") is a stock company located in Japan. The registered address of its Head Office is 4-11,2-chomeHigashi-shinagawa,Shinagawa-ku, Tokyo. The Company's condensed quarterly consolidated financial statements for the three months ended June 30, 2020 consists of the Company and its subsidiaries (the "JAL Group") and interests in affiliates and jointly controlled entities.
The Company's main business is the air transportation business. Details of each business are described in Note "5. Segment Information."
(Basis of preparation)
1) Matters concerning compliance with IFRS and first-time adoption
As the condensed quarterly consolidated financial statements of the JAL Group fulfills requirements of Specified Companies Complying with Designated International Accounting Standards set forth in Article 1-2 of Regulation on the Terminology, Forms, and Preparation Methods of Quarterly Consolidated Financial Statements, it was prepared in compliance with IAS No. 34 Interim Financial Reporting in accordance with Article 93 of the Regulations.
This condensed quarterly consolidated financial statements were approved by the Board of Directors on August 3, 2020. The JAL Group adopted International Financial Reporting Standards (hereinafter "IFRS") from this consolidated fiscal
year (April 1, 2020 to March 31, 2021). The consolidated financial statements for this consolidated fiscal year will be the first consolidated financial statements prepared in accordance with IFRS. The date of transition to IFRS is April 1, 2019.
On shifting to IFRS, the JAL Group applied IFRS No. 1 "First-time Adoption of International Financial Reporting Standards" (hereinafter "IFRS No. 1").
JAL Group's accounting policy complies with IFRS effective as of June 30, 2020, excluding IFRS not adopted earlier and exemption rules recognized in IFRS No. 1.
2) Functional currency and presentation currency
The JAL Group's condensed quarterly consolidated financial statements are expressed in Japanese yen, our functional currency, as the presentation currency, and are rounded off to the nearest million yen.
(Going Concern Assumptions)
None
14
(Revenue)
(1) Breakdown of revenue Revenue and Segment Revenue
Consolidated financial results for the first quarter of FY2019 (April 1, 2019 to June 30, 2019)
Segment | |||||||||
Air | Internal | ||||||||
Other | Sub-total | transaction | Total | ||||||
Transportation | |||||||||
adjustment | |||||||||
Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | |||||
International | |||||||||
Passenger operations | 130,610 | - | 130,610 | - | - | ||||
Cargo and mail-service | 16,773 | - | 16,773 | - | - | ||||
operation | |||||||||
Luggage operations | 213 | - | 213 | - | - | ||||
Sub-total | 147,597 | - | 147,597 | - | - | ||||
Domestic | |||||||||
Passenger operations | 127,103 | - | 127,103 | - | - | ||||
Cargo and mail-service | 5,956 | - | 5,956 | - | - | ||||
operation | |||||||||
Luggage operations | 75 | - | 75 | - | - | ||||
Sub-total | 133,135 | - | 133,135 | - | - | ||||
Total revenues from international | 280,732 | - | 280,732 | - | - | ||||
and domestic operations | |||||||||
Other revenues | |||||||||
Travel agency Revenue | - | 44,863 | 44,863 | - | - | ||||
Other | 37,737 | 15,348 | 53,086 | - | - | ||||
Total revenues | 318,469 | 60,211 | 378,681 | (29,873) | 348,808 | ||||
(Note) Figures of Segment revenue are before elimination of intra-segment transactions.
Consolidated financial results for the first quarter of FY2020 (April 1, 2020 to June 30, 2020)
Segment | ||||||||||
Air | Internal | |||||||||
Other | Sub-total | transaction | Total | |||||||
Transportation | ||||||||||
adjustment | ||||||||||
Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | ||||||
International | ||||||||||
Passenger operations | 2,711 | - | 2,711 | - | - | |||||
Cargo and mail-service | 20,564 | - | 20,564 | - | - | |||||
operation | ||||||||||
Luggage operations | 29 | - | 29 | - | - | |||||
Sub-total | 23,305 | - | 23,305 | - | - | |||||
Domestic | ||||||||||
Passenger operations | 18,950 | - | 18,950 | - | - | |||||
Cargo and mail-service | 6,016 | - | 6,016 | - | - | |||||
operation | ||||||||||
Luggage operations | 31 | - | 31 | - | - | |||||
Sub-total | 24,999 | - | 24,999 | - | - | |||||
Total revenues from international | 48,304 | - | 48,304 | - | - | |||||
and domestic operations | ||||||||||
Other revenues | ||||||||||
Travel agency revenue | - | 2,554 | 2,544 | - | - | |||||
Other | 21,972 | 11,871 | 33,844 | - | - | |||||
Total revenues | 70,277 | 14,415 | 84,693 | (8,301) | 76,391 | |||||
(Note) Figures of Segment revenue are before elimination of intra-segment transactions.
15
The JAL Group operates "Air Transportation", mainly in passenger and baggage carriage or mail and cargo handling in both international and domestic routes, and "Other" business.
Revenues arising out of these businesses are recognized in accordance with contracts with customers, and there is no significant financing component in the contracts.. None of consideration in contracts with customers is not reflected in transaction prices. The JAL Group operates a customer loyalty program called "JAL Mileage Bank". Members in the JAL Mileage Bank can collect miles through flights with the airlines in JAL Group or other services, and can redeem them for flights with JAL group or other partners' services. Miles that are expected to be redeemed are identified as performance obligations, and deferred on the statement of financial position as a contract liability. When miles are redeemed for services, revenue is recognized in the statement of profit or loss and other comprehensive income. A transaction price allocated as performance obligations of miles is determined on the basis of a ratio of the stand-alone selling price of each service. .
Air Transportation
In the air transportation business segment, the JAL Group provides services related to the international and domestic transportation of passengers, cargo & mail and baggage on aircraft. The main revenues are recognized as follows.
Passenger operations
Passenger revenue is mainly revenue earned from passenger transportation services using aircraft. The JAL Group has the obligation to provide customers with international and domestic air transportation services according to the Conditions of Carriage. The performance obligation is satisfied upon completion of the passenger's air transportation service. The transaction price may fluctuate because we may offer discounts when selling tickets or pay incentives based on the amount of sales. In addition, consideration for a transaction is generally received in advance at a point in time before the performance obligation is satisfied.
Cargo and mail-service operations
Cargo and mail revenues are mainly revenues earned from air cargo and air mail handling operations. The JAL Group has the obligation to provide international and domestic cargo and mail transportation services. The performance obligation is satisfied upon completion of cargo and mail air transportation. The amount of variable consideration including revenue is not significant.. Consideration for a transaction is generally received after the completion of cargo and mail air transportation.
Luggage operations
Baggage revenue is mainly revenue earned from baggage transportation services that accompany passenger transportation on aircraft. The JAL Group has the obligation to provide customers with international and domestic air transportation services. The performance obligation is satisfied upon completion of baggage air transportation. Sales including variable consideration is the amount of variable consideration including revenue is not significant. Consideration for a transaction is generally received on the day of baggage transportation.
Other
In "Other" businesses, we are mainly engaged in planning and sales of air travel package tour and a credit card
business.
16
(Segment Information)
(1) Overview of segment reporting
The reportable segments of the JAL Group are components of the Company about which separate financial information is available and evaluated regularly by the Board of Directors in deciding how to allocate resources and evaluating business performance.
The main business operations of the JAL Group are scheduled and nonscheduled international and domestic air transportation services. Therefore, the JAL Group recognizes the "air transportation business" as the reportable segment.
(2) Information on reportable segment
Revenue and business performance by JAL Group's reportable segment are as follows.
Intersegment sales is based on the current market price.
Consolidated financial results for the first quarter of FY2019 (April 1, 2019 to June 30, 2019)
Reportable | ||||||||||
segment | Others | Total | Adjustment | Consolidated | ||||||
Air | (Note)1 | (Note) 2 | Statement | |||||||
Transportation | ||||||||||
Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | ||||||
Revenue | ||||||||||
Sales to external | 294,803 | 54,004 | 348,808 | - | 348,808 | |||||
Intersegment | 23,666 | 6,207 | 29,873 | (29,873) | - | |||||
Total | 318,469 | 60,211 | 378,681 | (29,873) | 348,808 | |||||
Profit or loss before investing, | 16,884 | 2,915 | 19,800 | (19) | 19,780 | |||||
financing and income tax | ||||||||||
Investing income | - | - | - | - | 1,243 | |||||
Investing expenses | - | - | - | - | 1,062 | |||||
Finance income | - | - | - | - | 526 | |||||
Finance expenses | - | - | - | - | 459 | |||||
Profit before tax | - | - | - | - | 20,028 | |||||
(Note) 1. "Others" refer to business segments that are not included in the reportable segment, such as travel services, etc.
- Adjustment includes intersegment elimination.
- Segment profit has been adjusted with profit before investing, financing and income tax on the condensed quarterly consolidated statement of profit or loss and other comprehensive income.
Consolidated financial results for the first quarter of FY2020 (April 1, 2020 to June 30, 2020)
Reportable | ||||||||||
segment | Others | Total | Adjustment | Consolidated | ||||||
Air | (Note)1 | (Note) 2 | Statement | |||||||
Transportation | ||||||||||
Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | ||||||
Revenue | ||||||||||
Sales to external | 67,535 | 8,856 | 76,391 | - | 76,391 | |||||
Intersegment | 2,742 | 5,559 | 8,301 | (8,301) | - | |||||
Total | 70,277 | 14,415 | 84,693 | (8,301) | 76,391 | |||||
Profit or loss before investing, | (130,768) | (1,275) | (132,043) | 6 | (132,037) | |||||
financing and income tax | ||||||||||
Investing income | - | - | - | - | 1,074 | |||||
Investing expenses | - | - | - | - | 46 | |||||
Finance income | - | - | - | - | 549 | |||||
Finance expenses | - | - | - | - | 3,872 | |||||
Profit before tax | - | - | - | - | (134,333) |
(Note) 1. "Others" refer to business segments that are not included in the reportable segment, such as travel services, etc.
- Adjustment includes intersegment elimination.
- Segment profit has been adjusted with profit before investing, financing and income tax on the condensed quarterly consolidated statement of profit or loss and other comprehensive income.
17
(Supplementary Information)
Consolidated Financial Results for the year Ended March 31, 2020[IFRS] | |||
Company name | Japan Airlines Co., Ltd | August 3, 2020 | |
Stock Listing | Tokyo Stock Exchange | ||
Code No. | 9201 | URL: http://www.jal.com | |
Representative | Yuji Akasaka, President | ||
Contact | Yuichiro Kito, General Manager, Finance | Phone: +81-3-5460-3121 |
(Amounts are rounded down to the nearest million yen unless otherwise indicated)
1. Consolidated Financial Results for the year Ended March 31, 2020 (April 1, 2019 to March 31, 2020)
(1) Consolidated Operating Results
Revenue | Profit before financing | Profit before tax | Profit attributable to | Comprehensive income | ||||||||||
and income tax | owners of parent | |||||||||||||
Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | |||||
Year Ended | 1,385,914 | - | 88,807 | - | 88,149 | - | 48,057 | - | 34,298 | - | ||||
March 31, 2020 | ||||||||||||||
Basic earnings per share | Diluted earnings per share | |
Yen | Yen | |
Year Ended March 31, 2020 | 140.04 | - |
(Note) Profit before financing and income tax represents as index to monitor, compare and evaluate the JAL Group's performance continuously. Profit before financing and income tax is Profit from which Income tax expense, Interest, and Finance income and expense are deducted.
(2) Consolidated Financial Position
Ratio of equity | Equity per share | ||||
Equity attributable to | attributable to owners | ||||
Total Assets | Total Equity | attributable to owners | |||
owners of the parent | of the parent to | ||||
of the parent | |||||
total assets (%) | |||||
Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | |
As of March 31, 2020 | 1,982,254 | 1,049,617 | 1,014,295 | 51.2 | 3,009.71 |
(3) Consolidated Cash Flows
Cash flows from operating | Cash flows from investing | Cash flows from financing | Year end balance of cash and | |
activities | activities | activities | cash equivalents | |
Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | |
Year Ended March 31, 2020 | 80,857 | (233,725) | (38,810) | 329,149 |
18
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Japan Airlines Co. Ltd. published this content on 03 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2020 06:02:04 UTC