RNS Number:5279R
All Nippon Airways Co Ld
31 October 2003

Six months ended September 30, 2003 

Consolidated financial results 

All Nippon Airways Co., Ltd. (9202) 

ANA reports consolidated financial results for the interim of FY2003 

1. Consolidated financial highlights for the period ended September 30, 2003 

(1) Summary of consolidated operating results                Yen (Millions) 

                                                                                                                      
                               Interim FY2003      Year on year    Interim FY2002    Year on year (%)       FY2002     
                                                      (%)                                                             
  Operating revenues                  608,341             (2.2)           622,134              (2.6)        1,215,909 

  Operating income (loss)              14,460             (3.1)            14,928             (66.2)          (2,597) 

  Recurring profit (loss)              14,310             138.0             6,012             (81.2)         (17,236) 

  Net income (loss)                    20,570                 -           (8,105)                  -         (28,256) 

  Net income (loss) per              13.42yen                           (5.28yen)                          (18.42yen) 
  share                                                                                                               

  Diluted net income per             12.59yen                                   -                                   - 
  share                                                                                                               

  Gain (loss) on equity                  (64)                               (105)                                 364 
  method                                                                                                              

  Average number of shares    
  of outstanding                                                                                                      
  during the period             1,532,814,664                       1,534,237,705                       1,533,940,445 
  (consolidated)                                                                                                      

Note: Changes in the accounting policy during the period: none 

(2) Summary of consolidated financial positions           Yen (Millions) 

                                                                                                                      
                                         Interim FY2003                Interim FY2002                  FY2002          
                                   (As of September 30, 2003)    (As of September 30, 2002)    (As of March 31, 2003)  

  Total assets                                      1,491,138                     1,455,578                 1,442,573 

  Shareholdersf equity                                144,510                       141,624                   121,954 

  Shareholdersf equity ratio                             9.7%                          9.7%                      8.5% 

  Shareholdersf equity per                           94.25yen                      92.32yen                  79.57yen 
  share                                                                                                               

  Number of shares of             
  outstanding                                                                                                         
  at balance sheet date                         1,533,325,206                 1,533,981,551             1,532,694,609 
  (consolidated)                                                                                                      

(3) Summary of consolidated cash flows                 Yen (Millions) 

                                                                                                              
                                                                Interim FY2003    Interim FY2002     FY2002   

          Cash flows from operating activities                           34,144            66,109      85,952 

          Cash flows from investing activities                         (37,990)            13,996    (52,478) 

          Cash flows from financing activities                           17,374          (70,006)    (63,364) 

          Cash and cash equivalents at the end of the period            171,468           197,300     158,121 

(4) Scope of consolidation and application of the equity method 

Number of consolidated subsidiaries: 103 

Number of non-consolidated subsidiaries accounted for by the equity method: 6 

Number of affiliates accounted for by the equity method: 19 

(5) Change of scope of consolidation and application of the equity method 

                                                                                   
                                                   Consolidation    Equity method  

                                    Newly added                -               1 

                                    Excluded                    6              -

2. Forecast of consolidated operating results for the period ending March 31, 2004 
Yen (Millions) 

                                                                               
                                         Operating revenues          1,218,000 

                                         Recurring profit (loss)        14,000 

                                         Net income (loss)              17,500 

Note: Forecast of net income per share: 11.41yen 

This forecast is made based on (1) the information available to ANA as of the date of publication of this material
and (2) assumptions as of the same date with respect to the various factors which might have impact on the future
financial result of ANA. The reader should be aware that actual results could differ materially due to various
factors with reference to the supporting data. 


                     This information is provided by RNS
            The company news service from the London Stock Exchange
END

IR FDWSAFSDSEIS