2007 1H Financial Release

Transcription

1 2007 1H Financial Release Aug 2, 2007 Excellence In Flight

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 forwardlooking 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 Contents Summarized Income Statement Summarized Balance Sheet Operating Results per Segment Revenue Breakdown by Business Traffic Figures Revenue by Route/Region Composition of Operating Expenses Key Expenses Non Operating Income/Expense Assets & Liabilities Borrowings 3

4 Summarized Income Statement Operating Revenue 9.8% (Unit : 100 Million KRW) H H Operating Profit 41.7% 2,268 1,601 Dom Pax Int l Pax Cargo Others Operating Revenue Operating Expenses Operating Profit Non-Operating Revenue Non-Operating Expenses Income Before Taxes Income Taxes Net Income H H 41,382 37,701 3,681 Change YOY Amount % 9.8% 39,114 36,100 3, % 2,268 1, % 2,728 3,852-1, % 5,301 3,336 1, % ,117-2, % ,422-2, Yr End 80,779 75,805 4,974 6,769 6,864 4,879 1,049 3, H H 4

5 Summarized Balance Sheet Asset Composition(%) End of H End of 2006 Receivables & Inventories Current Assets Others Liabilities/Equity Composition(%) End of H End of 2006 Cash & Short-Term Instruments Liabilities Equity Others (Unit : 100 Million KRW) End of End of Changes H 2006 Amount % Assets Current Assets 14,207 14, % Non-Current Assets 130, ,106 9, % Total Assets 144, ,847 8, % Liabilities Current Libilities 36,044 29,950 6, % Non-Current Libilities 65,645 62,143 3, % Total Liabilities 101,689 92,093 9, % ShareHolder's Equitiy Common Stock 3,668 3, % Capital Surplus 30,067 30, % R/E 9,599 10, % Capital Adjustment % Others Total S/H's Equity 43,098 43, % 5

6 Operating Results per Segment Operating Revenue 38,888 35,544 (Unit : 100 Million KRW) H H 1, , Air Transportation 94.0% Aerospace 2.6% Catering 0.7% In-flight Sales/Hotel 2.8% Operating Profit 1,804 1, Air Transportation 79.5% Aerospace 1.7% Catering 2.5% In-flight Sales/Hotel 16.3% 6

7 Revenue Breakdown by Business Operating Revenue 4,138.2 Billion KRW Dom Pax 7.0% Cargo 28.2% Flight Operation Related 0.4% Ancillary 5.4% Catering 0.7% Aerospace 2.6% In-flight Sales & Hotel 2.8% Int'l Pax 52.9% 7

8 Traffic Figures H H Change in % Domestic Passenger ASK (Million) RPK (Million) 2,495 2, % 1,779 1, % L/F(%) 71.3% 67.8% 3.5%P YIELD(Cent) % International Passenger YIELD(KRW) ASK (Million) RPK (Million) L/F(%) YIELD(Cent) YIELD(KRW) % 32,391 34, % 22,996 25, % 72.9% % %P 9.0% % 8

9 Traffic Figures H H Change in % Cargo AFTK (Million) FTK (Million) 5,424 6, % 4,758 4, % L/F(%) 75.0% 77.3% -2.3%p YIELD(Cent) % YIELD(KRW) % 9

10 Revenue by Route Passenger Cargo Americas 30% Oceania 6% Europe 16% South East Asia 14% Domestic 12% China 9% Japan 13% Americas 42% Oceania 2% Europe 28% South East Asia 15% Dom 1% Japan 4% China 8% 10

11 Revenue by Region Passenger Cargo South East Asia 3% Oceania 2% Americas 14% Europe 5% China 24% South East Asia 16% Oceania 1% America 10% Europe 10% China 4% Japan 8% Korea 64% Japan 9% Korea 30% 11

12 Composition of Operating Expenses Pax/Cargo SVC Ticket 6% Commission 7% Rentals 5% Maintenance 4% Others 12% Airport Related 9% Depreciation 9% Staff Costs 17% Fuel 31% Total Operating Expenses Trillion KRW 12

13 Key Expenses H H (Unit : 100 Million KRW) Change YOY Amount % Aircraft Fuel Consumption Amt (mil barrels) Avg. Price per Barrel 11,583 11, % 10.2% -1.3% Staff Costs 6,783 6, % Aircraft Rentals 1,776 1, % A/C Depreciation No. of Aircraft 3,205 3, Interest Expenses 2,069 2, Outstanding Debt 76,787 74,296 2, % 5.7% 1.4% 3.4% 13

14 Non-operating Income/Expenses (Summarized) Non-operating Income Gain on Interest Gain on FX Translation Others Non-Operating Expenses Interest Expense Loss on Asset Disposal Others H H Change 2,728 3,852-1, ,872-2, ,301 3,336 1,965 2,069 2, , (Unit : 100 Million KRW) Gain on Asset Disposal 1, ,013 Income on Investments Loss on FX Translation Miscellaneous Loss 2, Non-operating Profit -2, ,089 14

15 Assets (Unit : 100 million KRW) End of H End of 2006 Changes Current Assets 14,207 14, Cash & Cash Equivalents 3,111 4,537-1,426 Non-current Assets 130, ,106 9,474 Aircraft Other Tangible Assets 86,416 85, ,143 7,054 9,089 Total Assets 144, ,847 8,940 15

16 Liabilities End of H End of 2006 (Unit : 100 Million KRW) Changes Current Liabilities Financial Debt Amt 36,044 29,949 6,095 22,678 17,631 5,047 Non-current Liabilities 65,645 62,143 3,502 Debentures, less Discount 16,695 14,706 1,989 Long-term loans (Foreign Curr.) ABS Loan Long-term Non-trade payables Long-term obligations under Installment Purchases & Obligation under Capital Lease 11,067 9,690 1,377 1, ,554 2, ,323 22,510 26,908-4,398 Others 11,364 10, Total Liabilities 101,689 92,093 9,596 Debt Ratio 236% 210% 26%P

17 Borrowings (As of Jun 31, 2007) Local Balance (Billion US$) Weights Average Interest Rates Debt in USD $5.0 Billion 5.0(US$) 60.4% 5.8% Debt in KRW KRW 2.58 Trillion 2.79(US$) 33.6% 4.9% Debt in JPY 60.8 Billion 0.49(US$) 6.0% 1.4% Total Debt Amount 8.29(US$) 100.0% 5.2% 17

18 Thank you