Financial Position (Consolidated)

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Douglas Osborne
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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 Financial Position (Consolidated) 2Q 2012 YE 2011 Changes (Amount) (Unit : KRW Billion) Changes (Ratio) Current Assets 3,271 3, % Cash & Cash Equivalents 1,229 1, % Non Currnet Assets 19,568 19, % Aircraft 11,721 11, % Investment in associates 2,508 2, % Total Assets 22,839 22, % Finanacial Liabilities 15,424 15, % Current 4,611 4, % Non current 10,814 10, % Other Liabilities 4,953 4, % Total Liabilities 20,377 19, % Total Euquity 2,462 2, % 3

4 Income Statement (Consolidated) (Unit : KRW billion) 2Q Q 2011 Changes(Ratio) Operating Income 3,272 2, % Operating Expense 3,143 2, % Operating Profit Turn to profit Non Operating Profit Foreign currency related gains, net Interest Expense, net % Equity method gain, net Income before Tax Turn to loss Net Income Turn to loss 4

5 Income Statement (Non consolidated) (Unit : KRW billion) 2Q Q 2011 Changes(Ratio) Operaitng Income 3,119 2, % Operating Expense 3,019 2, % Operating Profit Turn to Profit Non operating profit Foreign currency related gains, net Interest Expnse, net % Income before tax Net Income

6 Borrowings As of June, 31 As of March, 31 Changes Balance (billion) Weight Balance (billion) Weight Balance (billion) Ratio USD % % % KRW % % % JPY % % % EUR % % % Total (USD) % % % Applied FX rate per USD : KRW 1,153.8, JPY 79.36, EUR

7 Revenue Composition 2Q Operating Revenue : KRW 3.1 trillion (+10% YOY) Cargo 25.1% Others 7.2% (In-flight sales, etc.) Aerospace 4.7% International Passenger 56.8% Cateing 0.7% Hotel/Limousine 0.4% Domestic Passenger 5.1% 7

8 Passenger Traffic Description International Domestic 2Q Q 2011 YoY 2Q Q 2011 YoY Capacity(Mil ASK) 20,540 18, % 1,077 1, % April 6,677 6, % % May 7,049 6, % % June 6,814 6, % % Traffic(Mil RPK) 16,232 14, % % April 5,137 4, % % May 5,492 5, % % June 5,603 5, % % L/F(%) 79.0% 78.3% 0.7%p 72.3% 71.7% 0.6%p Yield (US Cent) % % 8

Passenger Revenue by Route Operation [Unit : KRW billion] 600 500 400 300 200 100 0 Domestic Japan China SEA Oceania Americas Europe 2012 2Q 2011 2Q Americas

9 Passenger Revenue by Route Operation [Unit : KRW billion] Domestic Japan China SEA Oceania Americas Europe Q Q Americas Americas 34% Europe 16% 34% Europe 16% Oceania 3% SEA 14% Q Japan China 14% 11% Domestic 8% Oceania 3% SEA 14% Q Japan China 12% 12% Domestic 9% 9

Passenger Revenue by Regional Sales [ Unit:

Japan China SEA Americas Europe 2012 2Q 2011

Korea 44% Europe 5% Americas 19% SEA 8% 2011

10 Passenger Revenue by Regional Sales [ Unit: KRW billion] 1, Korea Japan China SEA Americas Europe Q Q Americas 18% SEA 9% Europe 5% Q Korea 44% Europe 5% Americas 19% SEA 8% Q Korea 47% China 8% Japan 16% China 7% Japan 14% 10

11 Passenger Business Overview 3Q Business Summary RPK increased in all routes(yoy) : CIS 41%, Japan 28%, China 18%, Europe 15%, SEA/Oceania 10%, Americas 4% Korea outbound traffic increased 11% Overseas outbound increased 18% ( Korea inbound 21%, Transit 15% ) Q Outlook/ Business Plan High demand in upcoming summer with stabilized oil price and FX rate Increase capacity in high demand route and sales in Korea New Route : ICN - Yangon (from September) Frequency Increase Departure ICN Destination Jinan/Zhengzhou/Qingdao/Kunming/Changsa/Mudanjiang/ Ulaanbaatar/Kathmandu/Okayama/Guam/Moscow/Paris PUS Hong Kong 11

12 Cargo Traffic Description Cargo (Domestic + International) 2Q Q 2011 Changes(YOY) Capacity(Mil AFTK) 2,640 3, % April 835 1, % May 891 1, % June 914 1, % Traffic(Mil FTK) 2,013 2, % April % May % June % L/F(%) 76.3% 76.0% 0.2%p Yield (US Cent) % 12

Cargo Revenue[Route Operation] [ Unit : KRW

Domestic 1% Oceania 1% Japan 6% 2012 2Q 5% China

13 Cargo Revenue[Route Operation] [ Unit : KRW billion] Q Q Domestic Japan China SEA Oceania Americas Europe Europe 30% Domestic 1% Oceania 2% Japan Europe 29% Domestic 1% Oceania 1% Japan 6% Q 5% China 11% Q China 10% Americas 38% SEA 13% Americas 40% SEA 13% 13

Cargo Revenue[Regional Sales] [ Unit : KRW billion] 300 2012 2Q 2011 2Q 200 100 0 Korea Japan China SEA Americas Europe Americas

14 Cargo Revenue[Regional Sales] [ Unit : KRW billion] Q Q Korea Japan China SEA Americas Europe Americas 12% Europe 12% Korea 29% Europe 12% Americas 11% Korea 30% Q Q SEA 15% China 21% Japan 11% SEA 13% China 21% Japan 13% 14

15 Cargo Business Overview 2Q Business Summary Korea outbound shipment decreased 9% Transit shipment decreased 9% (Oceania 47%, SEA 1%, Japan 27% ) Open direct route between Shanghai & Americas Major Items : IT product (LCD, Semiconductor etc.) and Auto parts Q Outlook/Business Plan Olympic and seasonal demand may boost gradual recovery in 3Q. Introduce high efficient and environment-friendly aircraft to actively respond to high oil price and environmental issues New market development South America, Africa 15

Operating Expense Expense (non consolidated) 영업수익 2012 2Q x 억원 ( KRW 3.02 trillion) 2011 2Q (KRW 2.87 trillion) Maintenance 2.8% Sales commision 2.9% Inflight service 3.2% Others 13.7% Maintenance 3.

16 Operating Expense Expense (non consolidated) 영업수익 Q x 억원 ( KRW 3.02 trillion) Q (KRW 2.87 trillion) Maintenance 2.8% Sales commision 2.9% Inflight service 3.2% Others 13.7% Maintenance 3.4% Others Sales commision 13.4% 3.8% Inflight service 2.9% Airport related 10.1% Fuel 39.7% Airport related 9.3% Fuel 40.5% Rental 1.9% Depreciation & Amortization 12.1% Labor 13.6% Rental 2.3% Depreciation & Amortization 10.9% Labor 13.4% 16

17 Key Expenses (Unit: KRW billion) Description 2Q Q 2011 Changes(YOY) Fuel 11,981 11, % Consumption (million bbl.) % Average Unit Price(U$) % Labor % Aircraft Rental % no. of A/C(as end of 1H)* Aircraft Depreciation % no. of A/C(as end of 1H)* * Include 6 A/C subleased to JIN Air ** Include 3 A/C rented out 17

18 Fleet Status (As of June 30, 2012) Fleet Type Current status Deliver in 2H2012 A A A300 6 B B B Passenger Total B747F 24 1 B777F 2 Cargo Total 26 1 Total Above table doesn t include the rented out fleet 18

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Korean Air Q Results. Oct 27, 2010

Korean Air Q Results. Oct 27, 2010 Korean Air 2010 3Q Results Oct 27, 2010 Disclaimer This presentation is for informational purposes only, contains preliminary financial and other information about Korean Air Lines Co., Ltd. and is subject