Changes in Peach Aviation’s capital structure

Published on : Friday, February 24, 2017

ANAThe three shareholders in Peach Aviation Limited (hereafter ‘Peach’) — ANA HOLDINGS Inc. (hereafter ‘ANA HD’), First Eastern Aviation Holdings Limited (hereafter ‘FE’), and Innovation Network Corporation of Japan (hereafter ‘INCJ’) – have agreed to change Peach’s capital structure and have today concluded a share transfer agreement.


ANA HD will acquire 28.3% Peach shares from FE and INCJ with ¥30.4 billion, increasing ANA HD’s shareholding in the company from 38.7% to 67.0%.Since its launch in 2011 as Japan’s first Low Cost Carrier (LCC), Peach has steadily grown its business. In fiscal year 2013 it became profitable year-on for the first time. In fiscal year 2015, Peach recorded sales of ¥47.9 billion and operating profit of ¥6.1 billion and it eliminated its cumulative loss. In its first phase from 2011 to 2016, Peach has expanded its network, adding new routes and capacity and now operates 18 Airbus A320 aircraft to 13 international and 14 domestic routes.

The three shareholding companies have decided that the best way to accelerate the growth of Peach in its next phase of development is through consolidation with the ANA Group, leveraging Peach’s corporate culture and brand with ANA’s proven record of airline expansion. Peach will retain its uniqueness and, with the Osaka/Kansai region as its base, intends to expand further into domestic and overseas markets, making air travel more accessible as Japan’s leading LCC.

The share transfer is planned to take place on April 10, 2017 subject to the three shareholders acquiring the necessary permissions from relevant authorities.

ANA HD CEO Shinya Katanozaka comments:
“Since Peach launched in 2011, it has become a driving force in Japan’s LCC market and we are proud to support the acceleration of its growth across Asia. Peach is a key component of ANA HD’s strategy, providing customers with greater travel choices, as well as expanding our network and enabling us to better serve the increasing number of international tourists visiting Japan. Peach provides more routes in the Osaka/Kansai region, for both domestic and international flights, strengthening ANA HD’s position as the airline group of choice for intra-Asia travel. Peach is a strong brand, and we are committed to building on its distinctive position and unique culture to serve customers and support further growth of the Asian economy.”

FE Chairman Victor Chu comments:
“As Co-Founder of Peach we at First Eastern are very proud of what it has achieved over the past six years. With even stronger support going forward from us as well as ANA HD and INCJ, Peach can only grow from strength to strength!”

INCJ President Mikihide Katsumata comments:
“Peach has developed into a ground-breaking airline that has firmly established low cost air travel in Japan thanks to the tremendous efforts and contribution of its management team and employees. As a shareholder we will continue to back Peach so that it can expand still further with the support of the ANA Group, and truly revolutionize the skies across Asia.”

Peach CEO Shinichi Inoue comments:
“We are extremely grateful for the continued support of our three shareholder companies as we steadily implement our ambitious development plans and contribute to meeting Japan’s goal of attracting 40 million inbound passengers by 2020 and revitalizing its regions. Peach will strive to expand and develop and maintain its uniqueness with the backing of the ANA Group as a stable shareholder. By maximizing synergies between Peach and ANA HD we, as a leading LCC, aim to serve as a bridge in the Asian region and be a train flying in the sky bringing smiles to not only Japan but all of Asia.”



Source:- ANA

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