2010. 4Q Performanceimg.flyasiana.com/irnews/ir/10.4Q. Performance_business... · 2011. 4. 7. · The yield increment is continued, though RPK increment slows down due to the decline

Investor Relations 2011

2010. 4Q Performance

2011.2.10.

1. 2010. 4Q Financial Performance

1) Summary

50,726

38 872

) y

6,120

Revenue Operating Income

12,816

1 918

10,898

38,87211,854(30.5%)

420

800

380 8,4871,918(17.6%)

380(90.5%)

’09.4Q ’10.4Q 2009 2010 ’09.4Q ’10.4Q 2009 2010

-2,367

Q Q 2009 2010 09.4Q 10.4Q 2009

Borrowings Stock holder’s Equity Debt Ratio

38,64234,862-3,779

(-9 8%) 7 318

10,061

2 743

g q y

662% 695%

485%( 9.8%) 7,318 2,743

(37.5%)274%

2009 2010 2009 20101

2007 2008 2009 2010

2) Revenue Proportion


2) Revenue Proportion

Performance Proportion Op. Cost Proportion

Dom.Others4.9%9.8% Labor

13.8%

Others

32 4%

Int’l

Cargo

28.2% Fuel

31 0%

32.4%

Passenger

57.0%

31.0%

MaintenanceSales

CommissionRental

7.7%Dep. &

Amortization

5.1%

4.5%Commission

5.4%

2

3) Financial Performance


Category '10.4Q. ’09.4Q. Change Change(%) 2010 2009 Change Change

(%)

(Unit : KRW 100mil.)Income Statement

3) Financial Performance

Revenue 12,816 10,898 1,918 17.6% 50,726 38,872 11,854 30.5%

Cost of sales 12,016 10,479 1,537 14.7% 44,606 41,239 3,367 8.2%

Operating Income 800 420 380 90 5% 6 120 (2 367) 8 487Operating Income 800 420 380 90.5% 6,120 (2,367) 8,487 -

- Operating Margin(%) 6.24% 3.85% 2.4%p - 12.06% -6.09% 18.2%p -

Non-Operating Income/Cost (Net) (659) (1,704) 1,045 - (2,620) (1,440) (1,180) -Income/Cost (Net)- Net Financing Cost 497 512 -15 -3.0% 2,128 2,150 -21 -1.0%

- Gain on ForeignCurrency Translation -24 117 -141 - 113 779 -666 -85.5%

I b f Income before taxes 141 (1,285) 1,426 - 3,500 (3,807) 7,307 -

Net income (376) (519) 143 - 2,191 (2,663) 4,854 -

Exchange rate 1,140.9 1,178.5 -37.6 -3.2% 1,159.4 1,281.4 -122.0 -9.5%

Fuel Price234 7 197 0 37 6 19 1% 214 5 166 6 47 9 28 7%

3

(MOPS, ¢/USG)234.7 197.0 37.6 19.1% 214.5 166.6 47.9 28.7%

3) Financial Performance(cont’d)


) ( )

Category 2010 2009 Change Change(%)

(Unit : KRW 100mil.)Balance sheet


Total Asset 58,837 58,150 687 1.2%

Total Liabilities 48,776 50,832 -2,056 -4.0%

- Borrowings 34,862 38,642 -3,779 -9.8%

Stock holder’s Equity 10,061 7,318 2,743 37.5%

- Common Stock 8,921 8,759 162 1.9%

Debt Ratio 484.8% 694.6% -209.8%p -

Borrowings by Currency


Borrowings(KRW100mil.) 34,862 38,642 -3,779 -9.8%

- KRW(100Mil.) 24,559 27,665 -3,106 -11.2%

- USD(Mil.) 855,761 816,812 38,949 4.8%

- JPY(Mil.) 3,988 11,402 -7,414 -65.0% 4

4) Operating Cost(U it KRW 100 il )


) p g

Item ’10. 4Q. ’09. 4Q. Change Change(%)

Operating Cost 12,016 10,479 1,537 14.7%

(Unit : KRW 100mil.)

Fuel Cost 3,648 3,192 456 14.3%

Fuel Price(￠/ USG) 232.5 206.1 26.5 12.8%Volumes (Mil. USG) 140.0 132.7 7.3 5.5%

( /$)Exchange rate(₩/$) 1,120.0 1,201.7 -81.7 -6.8%The fuel price and usage increased

Wages 1,938 1,240 698 56.3%Number of Employees 8 580 8 139 441 5 4%Number of Employees 8,580 8,139 441 5.4%

Unpaid salary increment was paid, 2010 incentive was partially included on 4Q. wages

Depreciation 605 529 77 14.5%Number of Aircraft onFinancing Leases/Owned * 32.0 31.0 1.0 3.2%

Aircraft Rental Cost 793 817 -24 -3.0%Number of Aircraft on

42 2 41 8 0 4 1 0%Operating Leases * 42.2 41.8 0.4 1.0%

The exchange rate decreasedMaintenance Cost 532 526 6 1.2%

The number of engines, need to be repaired, was increased (13 → 15)Sales Commission 638 553 85 15.4%

* Figures include aircrafts leased to Air Busan5

1) Market Shares

2. 2010. 4Q Operating Performance

1) Market Shares

i i h i li

62%58%

37%40% 39%

40%39%

Asiana Korean Air Other Airlines

51% 50%52% 51%

46%43%

35% 24% 25% 26%

37% 37% 39%39%

35% 36%

27%28% 25%

32% 33%

26%22%

27%

35%23% 24% 25%

22% 22% 23% 23%27%

28% 25% 26%

6%10%

D P I t’l P C

2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010

Dom. Passenger Int’l Passenger Cargo

[Source: Korea Airport Corporation]6

2) Revenue Proportion by routes


) p y

Passenger Cargo

Dom.Oceania Japan

Oceania

0.9%Dom.

8.2%EU

6.5%

Oceania

5.8% Dom.

0.4%

Japan

6.5%

S.E. Asia

14 9%

EU

21.6%Japan

23.5%USA

18.5%

14.9%

China

S.E. AsiaChina

8.6%

USA

47.2%20.0%17.3%

7

3) Int’l Passenger


The yield increment is continued, though RPK increment slows down due to the decline of number ofJapanese and foreign inbound passengers on Dec. by geopolitical risk of North Korea.

3) Int l Passenger

Item ‘10. 4Q. ‘09. 4Q. Change Change(%)Rev(KRW 100Mil.) 6,871 5,262 1,609 30.6%

Operating

ASK(Mil.Km) 8,815 8,308 507 6.1%RPK(Mil.Km) 6,433 5,998 435 7.3%

L/F 73.0% 72.2% 0.8%p -Yi ld(KRW) 106 8 87 7 19 1 21 8%Yield(KRW) 106.8 87.7 19.1 21.8%Yield(￠) 9.5 7.5 2.0 26.7%

(Revenue doesn’t include sales commission)

RoutesRPK(Mil.Km) Yield(KRW)

‘10. 4Q. ‘09. 4Q. Change(%) ‘10. 4Q. ‘09. 4Q. Change(%)Int’l Passenger 6,433 5,998 7% 107 88 22%

J 808 709 14% 218 187 16%Japan 808 709 14% 218 187 16%S.E. Asia 1,725 1,527 13% 87 76 14%

China 750 608 23% 172 152 14%USA 1 967 1 898 4% 71 57 24%USA 1,967 1,898 4% 71 57 24%EU 605 680 -11% 81 58 39%

Oceania 579 576 0% 76 64 18% 8

(U it Mil K )


3) Operating Performance(Cont’d)

6,7936 539

6,935RPK Change(%)

(Unit: Mil.Km)

Int’l Passenger RPK

3) Operating Performance(Cont d)

5,347 5,3215,695

5,3865,779 5,690

5,953

5,300 5,5015,122

6,227 5,998

6,7936,539 6,433

18%23%

28%

RPK Change(%)

18%

8% 5% 4%8% 7% 5%

‐2% ‐5% ‐10%

5%13% 11%

7%

'07.1Q 2Q 3Q 4Q '08.1Q 2Q 3Q 4Q '09.1Q 2Q 3Q 4Q '10.1Q 2Q 3Q 4Q

(Unit : KRW)Int’l Passenger Yield

84 8192 87 90 92

104 10597

86 90 8893 97

114107

27%

Yield change(%)Int l Passenger Yield

84 81

-3% -2%4% 4% 7%

14% 14%21%

8%

-7%14%

-4%

13%

27%22%

-14% -17%

'07.1Q 2Q 3Q 4Q '08.1Q 2Q 3Q 4Q '09.1Q 2Q 3Q 4Q '10.1Q 2Q 3Q 4Q9(Change rate : year-on-year)

4) Cargo


With the arrival of peak season of cargo, RTK is increased year-on-year due to the expert growth ofmachinery like car parts while cargo yield is decreased due to the basis effect of last year’s peak price.

4) Cargo

Item ‘10. 4Q. ‘09. 4Q. Change Change(%)Rev(KRW 100Mil.) 3,434 3,411 23 0.7%

Operating

ATK(Mil.KM) 1,207 1,154 52 4.5%RTK(Mil.KM) 964 908 55 6.1%

L/F 79.8% 78.7% 1.2%p -Yield(KRW) 356 4 375 5 19 1 5 1%Yield(KRW) 356.4 375.5 - 19.1 -5.1%Yield(￠) 31.8 32.2 - 0.4 -1.1%

(Revenue doesn’t include sales commission)

RoutesRTK(Mil.Km) Yield(KRW)

‘10. 4Q. ‘09. 4Q. Change(%) ‘10. 4Q. ‘09. 4Q. Change(%)Cargo Total 964 908 6% 356 375 -5%

Japan 25 23 10% 895 808 11%Japan 25 23 10% 895 808 11%S.E. Asia 128 127 0% 401 363 10%

China 30 33 -10% 978 904 8%USA 532 495 8% 305 331 -8%EU 235 218 8% 315 363 13%EU 235 218 8% 315 363 -13%

Oceania 10 9 11% 303 290 5%Domestic 4 4 6% 339 322 5%

10

4) Cargo (Cont’d)


(Unit: Mil.Km)Cargo RTK

4) Cargo (Cont d)

849 896 864967

861 867 834777

703 741 785

908 889 929879

964

17%27% 25%

12%

RTK change(%)

8% 1% -2%6% 1% -3% -3%

-20% -18% -15%-6%

% 12% 6%

2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q

'07.1Q

Q Q Q

'08.1Q

Q Q Q

'09.1Q

Q Q Q

'10.1Q

Q Q Q

(Unit : KRW)Cargo Yield

241 232248

278 271

316 363 357

255 261303

375349

387 368 356

36%47%

28% 37%48%

Yield change(%)

241 232

-10% -9% -3%6%

13%

28%

-6%-18% -16%

5%

37%21%

-5%

'07.1Q

2Q 3Q 4Q

'08.1Q

2Q 3Q 4Q

'09.1Q

2Q 3Q 4Q

'10.1Q

2Q 3Q 4Q

(Change rate : year-on-year) 11

1) Major Index

3. 2011 Business Plan

Exchange Rate Fuel Price

1 300F/X rate

$$125 0$/BBL

1,265

1 143

1,200

1,300 $123.3

$109.2$110.0

$125.0

1,0231055

1,143

1,100

1,000

1,100

$85.4$89.3

$80.6

$93.8

$80.0

$95.0

956927

900

2005 2006 2007 2008 2009 2010 2011(E)

$71.8

$65.0

2005 2006 2007 2008 2009 2010 2011(E)

Category 2010 2011(E) Change(%)Market

F/X R t (￦/$) 1,159 1,100 -5.1%

Category 2010 2011(E) Change(%)

Mops($/BBL) 90 1 106 7 18 5%F/X Rate(￦/$) 1,159 1,100 5.1%

Accounting F/X Rate(￦/$)

1,143 1,100 -3.7%

Mops($/BBL) 90.1 106.7 18.5%

Fuel Price($/BBL)

93.9 109.2 16.3%

Category 2011 SensitivityCategory 2011 SensitivityF/X ￦/$ 10↓ : Cash flow loss 7.6bil / Translation loss 5.5bilFuel MOPS 1$/BBL ↑: Fuel Cost increase(Before Hedge 14.8bil./ After Hedge 10.7bil.) 12


2) Business Plan


2) Business Plan

D• Income Statement

Financial Plan Operating Plan


Revenue 50 726 55 000 8 4%



ATK(Mil KM) 2 148 2 160 0 6%

• Dom. passengerIncome Statement

Revenue 50,726 55,000 8.4%Operating Income 6,120 6,100 -0.3%

Operating M i (%) 12 1% 11 1% -1 0%p

ATK(Mil.KM) 2,148 2,160 0.6%

Yield(KRW) 171 169 -0.9%

Margin(%) 12.1% 11.1% 1.0%p

C

• Balance sheet(Unit : KRW 100mil.)

• Int’l Passenger


ATK(Mil KM) 34 730 36 232 4 3%Category 2010 2011(E) Change(%)

Total Asset 58,837 59,699 1.5%

T t l

ATK(Mil.KM) 34,730 36,232 4.3%

Yield(KRW) 103 110 6.9%

• CargoTotal Liabilities 48,776 45,047 -7.6%

Stock holder’sEquity 10,061 14,652 45.6%

• Cargo


ATK(Mil.KM) 4,155 4,438 6.8%Debt Ratio 484.8% 307.4% -177.4%p

( ) 4,155 4,438 6.8%

Yield(KRW) 370 378 2.1%13

3) Fleet Plan


(As end of year)Fleet Plan Introduction of New Aircraft

3) Fleet Plan

A/C Type 2010 2011(E) Change

B737 2 2 0

A320/321 26 28 2

A380 6 Fleets- Delivery from 2014 to 2017

- Jumbo A/C with more than 500 seats/

Narrow Body 28 30 2

B767 7 7 0

A330 9 10 1

- Expand of long haul A/C & take-off to aPremium airline

A330 9 10 1

B777 11 11 0

B747 4 4 0

A350 XWB(800/900/1000) 30 Fleets- Delivery from 2016 to 2022- Mid/long haul A/C with 270~350 seats

Wide Body 31 32 1

Passenger 59 62 3

Freighter 10 10 0

Mid/long haul A/C with 270 350 seats- Eco-friendly aircraft(Low noise & emission)

Freighter 10 10 0

Total 69 72 3 U.S.A.U.S.A.EuropeEuropeAsia2011 Introduction of Aircraft

- A321 : 2 Fleets (Jan, Feb)- A330 : 1 Fleet (Mar)

14

Documents

2010. 4Q Performanceimg.flyasiana.com/irnews/ir/10.4Q. Performance_business... · 2011. 4. 7. · The yield increment is continued, though RPK increment slows down due to the decline