Financial Position (Consolidated)

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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 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 Financial Position (Consolidated) (billion KRW) Q16 Changes Rate Current Assets 3,289 2, % Cash & Cash equivalent % Non-current Assets 20,891 20, % Aircraft related assets 14,106 14, % Investment in associates % Total Assets 24,180 23, % Financial Liabilities 16,198 15, % Current 6,041 5, % Non-current 10,157 10, % Other Liabilities 5,484 5, % Total Liabilities 21,681 21, % Total Equity 2,499 2, % 3

4 Income Statement (Consolidated) (billion KRW) 1Q15 1Q16 Changes Rate Sales 2,871 2, % Operating Expense 2,681 2, % Operating Profit % Non-operating Profit Foreign currency related loss, net Interest expense, net Equity method income, net Impairment loss 1)2) Income Before Tax Net Income ) On Equity Method Stock of Hanjin Shipping : -216 bil. KRW 2) On Perpetual Bond of Hanjin Shipping : -110 bil. KRW 4

5 Income Statement (Non-consolidated) (billion KRW) 1Q15 1Q16 Changes Rate Sales 2,816 2, % Operating Expense 2,630 2, % Operating Profit % Non-Operating Profit Foreign currency related loss, net Interest expense, net Impairment loss 1)2) Income Before Tax Net Income ) On Equity Method Stock of Hanjin Shipping : -183 bil. KRW 2) On Perpetual Bond of Hanjin Shipping : -110 bil. KRW 5

6 Borrowings (Non-consolidated) End of 2015 (As of) Mar.31 st, 2016 Changes Balance (billion) Ratio Balance (billion) Ratio Balance (billion) Rate USD % % % KRW 3, % 3, % % Others (EUR/JPY/HKD in USD) Total (KRW) % % , % 14, % % - FX Rate as of Dec. 31 st, 2015 : 1USD / 1,172.0KRW - FX Rate as of Mar. 31 st, 2016 : 1USD / 1,153.5KRW 6

7 Revenue Composition (Non-consolidated) 1Q15 (2,816 billion KRW) 1Q16 ( 2,811 billion KRW) Cargo 25.5% Others 8.7% Cargo 20.0% Others 10.3% International Passenger 53.6% Aerospace 8.8% Domestic Passenger 3.4% International Passenger 57.5% Aerospace 8.6% Domestic Passenger 3.6% 7

8 Passenger Traffic International Domestic 1Q15 1Q16 YoY 1Q15 1Q16 YoY Capacity (Mil ASK) 21,808 23, % % JAN 7,685 8, % % FEB 6,852 7, % % MAR 7,271 7, % % Traffic (Mil RPK) 16,654 18, % % JAN 6,071 6, % % FEB 5,146 5, % % MAR 5,437 5, % % L/F (%) 76.4% 77.1% 0.7%p 69.2% 72.3% 3.1%p Yield (KRW) % % Yield (US Cent) % % 8

9 Passenger Revenue by Route Operations [billion KRW] 800 1Q15 1Q % +25% +8% +7% +8% +4% -2% 0 Domestic Japan China SEA Oceania America Europe [Revenue : Routes] Oceania 6% SEA 22% America 27% 1Q16 China 13% Europe 13% Domestic 6% Japan 13% [Revenue : Regional Sales] America 16% SEA 7% Europe 6% China 11% Japan 8% 1Q16 Korea 52% 9

10 Passenger Business Overview 1Q Business Summary Traffic(RPK) Changes : Japan 15%, China 10%, Oceania 10%, America 9%, SEA 8%, Europe 2% Passengers Carried : 11% (Korea Outbound 21%, Overseas 1% ) 2Q Business Plan Increase of overseas travel demand due to holidays in May & June and honeymoon season Increase capacity to Las Vegas / Vancouver / Toronto / Rome / London / Vienna / Zurich and Decrease capacity of Japan routes New routes : Incheon-Okinawa, Incheon-Guiyang 10

11 Cargo Traffic Cargo (International + Domestic) 1Q15 1Q16 YoY Capacity (Mil AFTK) 2,664 2, % JAN % FEB % MAR % Traffic (Mil FTK) 2,129 1, % JAN % FEB % MAR % L/F (%) 79.9% 74.8% -5.1%p Yield (KRW) % Yield (US Cent) % 11

12 Cargo Revenue by Route Operations [billion KRW] Q15 1Q16-40% % -10% -8% -21% -9% -2% Domestic Japan China SEA Oceania America Europe [Revenue : Routes] [Revenue : Regional Sales] America 41% Oceania 1% 1Q16 SEA 14% Europe 28% Japan 4% China 11% Domestic 1% America 15% SEA 16% Europe 13% 1Q16 China 21% Korea 28% Japan 7% 12

13 Cargo Business Overview 1Q Business Summary Traffic(FTK) Changes : Oceania 9%, Europe 6%, China 5%, SEA 0%, Japan 18%, America 24% Total Tonnage of Carried : 8% (Korea Outbound 5%, Overseas 9% ) 2Q Business Plan Provide flexible capacity considering market condition Improve profitability by transporting high-yield cargo (air mail, fresh goods and pharmaceutical products) 13

14 Aerospace Business Revenue & Operating Profit Revenue Composition (bil. KRW) 1,200 1, Revenue (L) (bil. KRW) OP (R) '11 '12 '13 '14 ' Q (1Q16) A/C Manufacturing 항공기46% 부품제조 63% Unmanned A/C Military MRO 34% Civil Aviation MRO 11% (billion KRW) 9% Q16 Revenue Operating Profit OP Margin 3.1% 4.4% 3.3% 11.7% 13.1% 15.3% 14

15 Operating Expense Breakdown 1Q15 (2,630 billion KRW) 1Q16 ( 2,503 billion KRW) Rentals 2% Fuel 30% Labor 17% Rentals 3% Fuel 19% Labor 18% Depreciation Commissions 3% Depreciation Commissions 3% 17% In-flight Service 4% Maintenance 2% Airport related 10% Others 17% 15% In-flight Service 4% Maintenance 4% Airport related 12% Others 20% 15

16 Key Expenses (billion KRW) 1Q15 1Q16 Changes Amount Ratio Fuel % Labor % Depreciation % Airport related % In-flight Service % Commissions % Maintenance % Rentals % Others % Total 2,630 2, % 16

17 Fleet Status (As of March 31 th, 2016) Type Aircrafts Delivery (Month) A A B B747-8I 5 56 B B737 1) 39 6 Passenger Total B F 17 B747-8F 6 8 B777F Cargo Total 28 5 Total ) Scheduled to sublease 1 aircraft(b737) to Jin Air 17

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