Annual Report Profile JAL Group Overview Consolidated Financial Highlights Consolidated Operating Highlights Message from the Group CEO Interview with the Group CEO Spreading New Wings of Trust Review of Operations Fundamental Policies and Actions Regarding Corporate Governance Management's Review and Analysis of Financial Position Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Stockholder' Equity (Note8) Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Report of Independent Auditors Consolidated Subsidiaries JAL and Its Subsidiaries and Affiliates Directory JAL Group Route Network Board of Directors Investor Information

Consolidated Balance Sheets

Japan Airlines Corporation and Consolidated Subsidiaries

		Millions of yen	Thousands of U.S. dollars (Note 2)
As of March 31,	2005	2004	2005
Assets
Current assets:
Cash and time deposits (Note 3)	¥ 252,573	¥ 143,775	$ 2,360,495
Short-term investments in securities (Notes 3 and 4)	666	656	6,224
Accounts receivable (Note 14):
Trade	219,185	205,524	2,048,457
Unconsolidated subsidiaries and affiliates	5,740	5,982	53,644
Allowance for doubtful accounts	(2,905)	(3,231)	(27,149)
Flight equipment spare parts and supplies, at cost (Note 5)	76,335	75,784	713,411
Deferred income taxes (Note 7)	9,618	8,690	89,887
Prepaid expenses and other (Note 3)	121,960	81,892	1,139,813
Total current assets	683,174	519,076	6,384,803
Investments and advances (Note 5):
Unconsolidated subsidiaries and affiliates	33,480	36,358	312,897
Other (Note 4)	98,254	95,127	918,261
Total investments and advances	131,734	131,486	1,231,158
Property and equipment (Notes 5, 10 and 11):
Flight equipment	2,022,488	2,080,078	18,901,757
Ground property and equipment	754,886	814,206	7,055,009
	2,777,375	2,894,284	25,956,775
Accumulated depreciation	(1,612,847)	(1,632,427)	(15,073,336)
	1,164,527	1,261,857	10,883,429
Advances on flight equipment purchases and other (Note 14)	27,217	60,424	254,364
Total property and equipment, net	1,191,744	1,322,281	11,137,794
Software	67,871	64,551	634,308
Long-term loans	14,383	15,695	134,420
Deferred income taxes (Note 7)	44,595	49,645	416,775
Bond issuance expenses	76	123	710
Other assets	29,074	10,559	271,719
	¥ 2,162,654	¥2,113,418	$20,211,719

The accompanying notes are an integral part of these consolidated statements.

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