JTB reports Consolidated Financial results for the Fiscal Year 2020

28 May 2021

JTB Corp.

Tokyo, Japan., May 28, 2021 –- JTB today reported the JTB Group's Consolidated Financial Results for the period April 1, 2020 to March 31, 2021.


  1. Consolidated Financial Results

(1) Overview

In fiscal year 2020, the Japanese economy experienced repeating deterioration and recovery due to the impact of COVID-19, and for the full year it resulted in negative growth. In this context, the environment surrounding the tourism industry was severe, and the first and second declaration of a state of emergency resulted in a substantial decline in travel demand. The government's measures to stimulate tourism demand led to a temporary recovery in domestic travel demand, but due to the re-spread of the infection, it was halted nationwide in late December and demand continues to be stagnant. In addition, restrictions on immigration and travel are still being enforced, and the demand for overseas travel and foreign visitors to Japan has almost disappeared throughout the year and is still in a frozen state. This continuing situation is giving a serious impact on tourism-related industries.

Under these circumstances, we launched our medium-term management plan, "Vision for Pioneering in a New Era", in July 2020 in anticipation of the rapid deterioration of the market environment and the prolonged stagnation of demand, and have been working on structural reforms, placing the highest priority on securing financial soundness. As a result, we were able to reduce our losses considerably in the second half of the fiscal year from the interim forecast, by cutting costs through emergency measures and by increasing profits in the non-travel solutions business. However, the consolidated financial results at the end of fiscal 2020 showed a decrease in both sales and profit, with net sales of 372.1 billion yen (28.9% year-on-year), operating loss of 97.6 billion yen, and ordinary loss of 74.3 billion yen.

The following is an overview of our group.



(Billion / JPY)

Year to Year %


(Billion /JPY)





Operating loss 



(Operating Profit) 1.4

Ordinary loss



(Ordinary profit) 2.5

Current net loss



(Current net profit) 1.6


Segment Overview (All amounts are Sales)

Travel within Japan




Japan outbound travel to overseas




Japan inbound travel from overseas




Other Global travels*




   *Other Global travels: Travel business between Third Countries (excluding Japan)

Number of consolidated companies

Total:  157 companies: 32 Japan domestic, 104 overseas, 21 equity method affiliates

(17 companies down from March 31, 2020)

Number of employees

23,785 (3,427 less than March 31, 2020)


(2) Overview per main business segments

Leisure Business in Japan

In the leisure business, various activities were restricted throughout the year due to the two emergency declarations, the temporary suspension of the government's measures to stimulate tourism demand, and the continued restrictions on overseas travel. Consequently, travel demand decreased significantly, both in Japan and overseas, and the results were extremely severe. Under these circumstances, we put priority on the safety and security of our customers and employees first and implemented temporary closures of retail stores nationwide when the first emergency declaration was issued. Since then, we have been striving to prevent the spread of COVID-19 infection by shortening business hours, introducing a reservation system, and installing partitions at counters to ensure social distance in our retail operations. We have also been developing customer contact points that integrate online and offline services, such as the introduction of online consultation services for non-visitors, hosting of online travel seminars, and communicating through SNS. In the area of products, we launched “JTB My STYLE”, a dynamic package for domestic travel, to strengthen our ability to meet the diversifying needs of our customers, while at the same time reducing brochure and other costs through digitization. As for overseas travel, the travel restrictions have not been lifted and we have not been able to offer organized tours throughout the year. However, we have started selling "JTB Kokoro Trip", a travel product that combines virtual and real experiences, from March 2021, offering a new style of travel to customers who have been waiting for overseas travel.


Corporate Business in Japan

In the corporate business, there was a significant drop in demand due to the cancellation of group travel, including school trips, and the cancellation and postponement of major events. On the other hand, while real interactions were limited, we actively developed new solutions for our customers, such as hybrid meetings, online exhibitions, and virtual tours for educational travel using digital technology, to strengthen our solutions that combine our strengths in the real world with digital technology to provide higher values.

As a solutions business other than travel, unaffected by the human flow, new initiatives such as "Furusato Connect" (a website for companies that want to contribute to local communities by donations, to match with local governments that want to revitalize their communities with donations) have also performed well in this segment. In addition, we have strengthened our tourism ICT promotion system with a view to participating in the future management of tourist attractions and community development by working on regional DX support operations and tourism oriented MaaS demonstration projects. We will also continue to promote the development of tourism and reconstruction projects in each region.


Global Business

Our global business was very tough with restrictions on movement across borders worldwide, and both the number of global travelers and the number of foreign visitors to Japan were plummeted during the period. Under these circumstances, we further accelerated the structural reforms that we have been working on since before the outbreak of COVID-19, and at the same time, we promoted new initiatives to stimulate demand toward the resumption of human flow and also new efforts that are not bound by human flow. Specifically, we have focused on capturing new demand by distributing videos from our offices around the world via SNS, holding online tours, and organizing hybrid meetings and online exhibitions in collaboration with corporate businesses in Japan and overseas. Especially for online tours, we have been focusing on virtual technical visits, mainly for educational programs in the B2B model, in addition to the sightseeing online tours for B2C. We have also been cultivating the educational market by providing programs on the theme of SDGs in various places in the world.


(3) Progress of the medium-term management plan "Vision for Pioneering in a New Era"

In the current fiscal year, we have started to reform our cost structure. Specifically, we are working on 1) reorganization of domestic group companies, 2) sales function reform, 3) personnel structure reform, 4) reorganization of overseas group companies, 5) organizational reform, 6) system reform, 7) office and work style reform, and 8) temporary personnel cost reduction. The reforms are progressing as planned, and we have secured our current financial soundness.



  1. Full year forecast for FY2021

Currently, 10 prefectures in Japan have declared a state of emergency for the third time, and preventive measures have been issued in many areas. This still result in restrictions on movement within Japan, but we expect them to ease gradually from summer onwards as vaccination progresses and the effects of the vaccine become apparent. Meanwhile, overseas travel restrictions are expected to be lifted slowly from the second half of the year, starting from some areas, and that tours will be operated focusing on the safety and security of our customers. Based on these circumstances, we expect that a return to profitability in fiscal 2021 will be feasible due to a partial recovery in the travel business as a result of a certain degree of market recovery, as well as the acquisition of non-travel businesses and the ongoing structural reforms.



  1. Strategies for Growth under the New Group Management Structure

 The tourism industry is facing an unprecedented situation of reduced opportunities for global interactions and halted human flows as a result of COVID-19, and there is an urgent need to improve the environment for safe and secure travel with an eye on “After Corona”. In addition, various shifts and challenges have become apparent in the environment surrounding our company, and we will promote our response to these social issues and changes in the environment by focusing on the three pillars of our new business strategy: Tourism, Area Solutions, and Business Solutions.

The Tourism Strategy places the highest priority on the creation of "values of new experiences in travel" to pursuit the real values that our customers can feel. More specifically, we will build a seamless travel experience that links the customer's daily life to before, during, and after the trip. In addition, we will develop products that are more dynamic and specialize in themes and purposes, to create trips that cannot be realized by simply combining materials.

In the area solution strategy we will focus on our key theme ''Creation of purpose for human exchanges and promotion of the exchanges'' aiming for sustainable tourism in regions, and will develop attractive and interactive contents that can be the purpose of human exchanges. At the same time, we will promote the establishment of a platform to connect tourism suppliers, distributors, and travelers, as well as DX support for these companies, as part of our efforts to promote exchanges. Specifically, we will provide support for DX in regions by further developing collaborations with business partners with expertise, such as the ticket distribution solution provided by Goodfellows JTB Inc. or the distribution of activity content through the JTB BÓKUN business, a collaboration with TripAdvisor.

In our business solution strategy, we will focus on " Solutions for communication issues" as one of the key themes of essential management issues for companies. As a business partner that provides solutions to the core business objectives, we will accelerate the expansion of our business domain beyond the tourism industry, such as HR solutions to increase engagement between companies and employees, or new MICE solutions utilizing digital technology.


We believe that our business cannot grow unless we work together with our partners in the tourism industry, including lodging, transportation, food and beverage, tourist facilities, and guides, as well as with the community, government, and local industries. And now, at a time when the entire tourism industry is suffering a great pain brought by COVID-19, we would like to overcome this environment together by working together as one.

We stand tall as a company that takes responsibility for a sustainable society, and we will continue to create new encounters so that people around the world can enjoy meaningful interactions safely and securely with smiles on their faces.

<About JTB>

Today's JTB traces its roots back to Japan Tourist Bureau, an agency formed in 1912 for the purpose of servicing the ticketing needs of foreign tourists in Japan. Over the span of its first 100 years, JTB steadily evolved into a travel and tourism industry leader. Through vision, integrity, innovation, and unsurpassed know-how, the JTB Group consistently creates unparalleled value for its stakeholders.

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