2009 2Q Financial Release. Aug 14th 2009

Transcription

1 2009 2Q Financial Release Aug 14th

2 Disclaimer This presentation is for informational purposes only, contains preliminary financial and other information about Korean Air Lines Co., Ltd. and is subject to updating, revision, amendment and completion. This presentation does not and is not intended to constitute or contain any offer of securities for sale or a solicitation of an offer to purchase any securities of Korean Air Lines Co., Ltd. or any other company and neither this presentation nor anything contained herein shall form the basis of any contract or commitment. Certain statements contained in this presentation may be statements of future expectations and other forward-looking statements or trend information that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those in the forward-looking statements in this presentation. In addition to statements which are forward-looking by reason of context, including without limitation, statements referring to risk limitations, operational profitability, financial strength, performance targets, profitable growth opportunities, and risk adequate pricing, the words "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, or continue", "potential, future, or further", and similar expressions are intended to identify forward-looking statements. Korean Air Lines Co., Ltd. assumes no obligation to update or revise any such statements or any other information contained herein to reflect events or circumstances that may arise after the date of this presentation 2

3 Summarized Income Statement (Unit : billion KRW) Operating Revenue 2Q Results Changes 16.70% Others 11.00% Amount % 26.40% Cargo 31.00% Operating Revenue 2, , % Int l Pax 50.80% 51.70% Operating Expense 2, , % Dom Pax 6.10% 6.30% Operating Profit Q Q Non-operating Revenue % Operating Profit Non-operating Expense % Q Q Income before Tax Income Tax Net Income

4 Summarized Balance Sheet 20.2% 6.1% Asset Composition Tangible Asset 69.4% 69.2% 4.3% Others Receivable & Inventories Cash & Short term Investment 20.4% 6.1% 4.3% Q Q Liabilities/Equity Composition 13.7% 13.8% Others 70.5% Liabilities 71.8% 15.8% Equity 14.4% '09 2Q '09 1Q (Unit : billion KRW) Changes Amount % Assets Current Assets 2, , % Non-Current Assets 14, , % Total Assets 16, , % Liabilities Current Liabilities 4, , % Non-Current Liabilities 9, , % Total Liabilities 13, , % Shareholder's Equity Common Stock % Capital Surplus 2, , % R/E Capital Adjustment % Total S/H's Equity 2, , % Q Q 4

5 Revenue Breakdown Operating Revenue 2,074.5 Billion KRW 5

6 Traffic Figures Q Q YOY Domestic Passenger Capacity (mil ASK) Traffic (mil RPK) L/F (%) 1,126 1, % % 65.5% 74.6% -9.1%p YIELD(Cent) % YIELD(KRW) % International Passenger Capacity (mil ASK) Traffic (mil RPK) 18,274 18, % 12,123 13, % L/F (%) YIELD (Cent) YIELD (KRW) 66.3% % -5.7%p % % 6

7 Traffic Figures Q Q YOY Cargo Cargo Capacity (mil AFTK) Traffic (mil FTK) L/F(%) 2,616 3, % 1,983 2, % 75.8% 76.4% -0.6%p YIELD(Cent) % YIELD(KRW) % 7

8 Operation Summary Passenger Business Capacity - International capacity increased by 2% - Domestic capacity reduced by 11% Traffic - Traffic decreased by 7% due to the global recession and H1NI virus - Korea outbound traffic decreased by 28% - Korea inbound traffic increased by 13% - Transit traffic increased by 11% Korea outbound 2H traffic is expected to grow higher than previous year. Cargo Cargo Business Capacity Decreased by 15% : S.E.Asia 28%, Americas -13%, Europe -15% Traffic Decreased by 16% : China +10%, Americas -14%, Europe and S.E.Asia -20% Global air cargo decreased by 19% Cargo traffic is expected to continue to recover during 2H 8

9 Revenue by Route Passenger Cargo Cargo Europe 15.0% Oceania 5.0% Domestic 11.3% Japan 14.2% Europe 27.3% Oceania 1.3% Domestic 1.0% Japan 4.1% China 11.1% Americas 33.4% S.E.Asia 12.2% China 8.9% Americas 42.8% S.E.Asia 12.2% 9

10 Revenue by Region Passenger Business FY2009 2Q Oceania 3% Americas 19% Europe 5% S.E.Asia 5% Korea 47% China 6% Japan 15% Oceania 3% S.E.Asia 4% Americas 15% Europe 5% FY2008 2Q Korea 59% China 5% Japan 9% 10

11 Revenue by Region Cargo Cargo Business FY2009 2Q S.E.Asia 12% Oceania 1% Americas 10% Europe 10% Korea 31% FY2008 2Q China 27% Japan 9% S.E.Asia 14% Oceania 1% Americas 12% China 25% Europe 11% Japan 10% Korea 27% 11

12 Composition of Operating Expenses Airport-related 10.5% Others 17.6% Sales Commission 6.2% Rentals 3.4% Depreciation 9.1% Staff 15.3% Maintenance 7.7% Fuel 30.2% Total Operating Expenses 2,201.8 billion KRW 12

13 Key Expenses (unit : billion KRW) Q Q YOY Aircraft Fuel , % Consumption(mil Gallons) % Average Price per Gallon( ) % Staff Cost % Aircraft Rentals % No. of rented Aircrafts % Aircraft Depreciation % No. of Aircraft % Interest Expenses % Outstanding Debt 10, , % 13

14 Non-operating Income/Expenses (unit : billion KRW) Q Q YOY Non-operating Income % Gain on Interest Gain on FX Translation Gain on FX Transaction % 740.3% 352.0% Gain on Asset Disposal % Gain on derivative Instruments % Others % Non-operating Expenses % Interest Expenses % Loss on FX Translation % Loss on FX Transaction % Loss on Asset Disposal % Loss on derivative Instruments % Others % Non-operating Profit

15 Assets (unit : billion KRW) Q Q YOY Current Assets 2, , % Cash & Cash Equivalents % Non-current Assets 14, , % Aircraft Other Tangible Assets 8, , % 1, , % Total Assets 16, , % 15

16 Liabilities (unit : billion KRW) Q Q YOY Current Liabilities 4, , % Financial Debt Amount 3, , % Non-Current Liabilities 9, , % Bonds, net of Discount 2, , % Long-term Debt 2, , % Long-term obligations under installment purchases & Obligation under capital lease 3, , % Long-term debt assumed % Long-term Non-trade payables % Others % Total Liabilities 13, , % Debt Ratio 534% 596% -62%p 16

17 Borrowings (as of Jun 30, 2009) Local Balance (billion USD) Weights USD $ 4.96 billion % KRW 4,768.6 billion % JPY 26.2 billion % EUR 0.08 billion % Total % 17

18 Fleet Plan Fleet Type Fleet Status (Jun 2009) De live ry Plan 2009 (2nd half) A A A A B B B ER B B B B Passenger Total B F B747-8F Freighter Total Total