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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.
3
Financial Position (Consolidated)
(billion KRW)
2015 2014 Changes Rate
Current Assets 3,289 4,948 -1,659 -33.5%
Cash & Cash equivalent 968 797 171 21.5%
Non-Current Assets 20,891 18,518 2,374 12.8%
Aircraft related assets 14,106 12,398 1,707 13.8%
Investment in associates 520 468 52 11.2%
Total Assets 24,180 23,466 715 3.0%
Financial Liabilities 16,198 16,368 -171 -1.0%
Current 6,041 5,362 678 12.7%
Non-current 10,157 11,006 -849 -7.7%
Other Liabilities 5,484 4,896 588 12.0%
Total Liabilities 21,681 21,265 417 2.0%
Total Equity 2,499 2,201 298 13.5%
4
Income Statement (Consolidated)
4Q15 4Q14 Changes 2015 2014 Changes
Sales 2,915 2,950 -1.2% 11,545 11,910 -3.1%
Operating Expense 2,509 2,797 -10.3% 10,662 11,514 -7.4%
Operating Profit 406 153 165.4% 883 395 123.4%
Non Operating Profit -97 -685 -1,370 -837
Foreign currency related
loss, net232 -353 -613 -266
Interest Expense, net -82 -95 -331 -372
Equity method income, net -72 -9 18 7
Income Before Tax 310 -532 -486 -442
Net Income 232 -427 -563 -613
(billion KRW)
5
Income Statement (Non-consolidated)
4Q15 4Q14 Changes 2015 2014 Changes
Sales 2,846 2,894 -1.7% 11,308 11,680 -3.2%
Operating Expense 2,445 2,742 -10.8% 10,449 11,308 -7.6%
Operating Profit 400 152 163.4% 859 373 130.7%
Non-Operating Profit -26 -688 -1,358 -915
Foreign currency related
loss, net233 -354 -614 -267
Interest expense, net -82 -95 -328 -373
Income Before Tax 374 -536 -499 -542
Net Income 290 -405 -408 -361
(billion KRW)
6
Borrowings (Non-consolidated)
※ Increase of total borrowing in KRW due to F/X effect- FX Rate as of Dec. 31st, 2014 : 1USD / 1,099.2KRW - FX Rate as of Dec. 31st, 2015 : 1USD / 1,172.0KRW
Balance
(billion)Ratio
Balance
(billion)Ratio
Balance
(billion)Rate
USD 8.9 68.2% 8.2 61.9% 0.7 7.8%
KRW 3,360 21.9% 3,840 26.2% -480 -12.5%
Others
EUR/JPY/HKD
in USD
1.3 9.9% 1.6 11.9% -0.3 -17.8%
Total
(KRW)15,390 100% 14,630 100% 760 5.2%
(As of the) End of 2015 End of 2014 Changes
7
Revenue Composition (Non-consolidated)
4Q15
( 2,846 billion KRW)
4Q14
(2,894 billion KRW)
Domestic
Passenger
4.2%
International
Passenger
54.0%
Cargo
23.1% Others
11.5%
Aerospace
7.2%
Domestic
Passenger
4.0%
International
Passenger
52.2%
Cargo
27.6%Others
9.1%
Aerospace
7.1%
8
Passenger Traffic
4Q15 4Q14 YoY 4Q15 4Q14 YoY
Capacity (Mil ASK) 22,719 21,808 4.2% 902 847 6.5%
OCT 7,667 7,477 2.5% 331 300 10.4%
NOV 7,206 6,863 5.0% 291 276 5.4%
DEC 7,846 7,468 5.1% 280 271 3.4%
Traffic (Mil RPK) 17,331 16,099 7.6% 678 565 20.2%
OCT 6,017 5,621 7.0% 275 218 25.7%
NOV 5,334 4,887 9.2% 215 188 14.2%
DEC 5,979 5,591 6.9% 189 158 19.7%
L/F (%) 76.3% 73.8% 2.5%p 75.2% 66.6% 8.5%p
Yield (KRW) 88.3 93.8 -5.8% 175.5 199.1 -11.9%
Yield (US Cent) 7.6 8.6 -11.7% 15.2 18.4 -17.4%
International Domestic
Passenger Revenue by Route Operations
Domestic
7%
Japan11%China
13%
SEA19%
Oceania5%
America29%
Europe16%
4Q15
0
200
400
600
800
Domestic Japan China SEA Oceania America Europe
4Q15 4Q14
+6%+7%
+1%
+3%
0%
+1%0%
[billion KRW]
Korea
52%
Japan
7%
China
9%
SEA
8%
America
18%
Europe
6%
4Q15
[Revenue : Routes] [Revenue : Regional Sales]
9
10
Passenger Business Overview
4Q Business Summary
Traffic(RPK) Changes : China 11%↑ Europe 10%↑, Oceania 10%↑,
SEA 9%↑, Japan 8%↑, America 4%↑
Number of Passengers Carried : 10%↑(Korea Outbound 24%↑, Overseas 3%↓)
2016 Business Plan
Estimating +6.9% growth of global passenger demand (Source : IATA)
Expecting improved performance due to the recovery from MERS in 2015 and increasing number of Korea outbound tourists
Providing flexible capacity and enhancing fleet competitiveness by introducing fuel-efficient aircrafts to San Francisco / New York / Seattle / London
New Route : Pusan-Taipei (1Q)
11
Cargo Traffic
4Q15 4Q14 YoY
Capacity (Mil AFTK) 2,691 2,740 -1.8%
OCT 902 895 0.8%
NOV 917 964 -4.9%
DEC 872 880 -1.0%
Traffic (Mil FTK) 2,093 2,200 -4.9%
OCT 708 716 -1.1%
NOV 707 783 -9.7%
DEC 678 702 -3.3%
L/F (%) 77.8% 80.3% -2.5%p
Yield (KRW) 283.4 333.7 -15.1%
Yield (US Cent) 24.5 30.7 -20.3%
Cargo (International + Domestic)
Cargo Revenue by Route Operations
Domestic
1%Japan
4%China10%
SEA12%
Oceania 1%
America44%
Europe28%
4Q15
0
100
200
300
400
Domestic Japan China SEA Oceania America Europe
4Q15 4Q14
-11%-22%
-15%
-18%
-25%
-13%
-13%
[billion KRW]
Korea
26%
Japan
7%
China
28%
SEA
14%
America
14%
Europe
11%
4Q15
[Revenue : Routes] [Revenue : Regional Sales]
12
13
Cargo Business Overview
4Q Business Summary
Traffic(FTK) Changes : China 12%↑, Oceania 9%↑, Europe 2%↑,
SEA 4%↓, Japan 5%↓, America 11%↓
Total Tonnage of Carried : 1%↓ (Korea Outbound 2%↓, Overseas 1%↓)
2016 Business Plan
Expecting +3% growth for global air cargo demand (Source : IATA)
Improving Profitability by transporting high-yield cargo (air mail, fresh goods and Pharmaceutical products)
Increasing fuel-efficient new freighters (B777F and B747-8F)
Exploring new market opportunity : Colombia, Ecuador and Iran
14
Aerospace Business
2010 2011 2012 2013 2014 2015
Revenue 343 394 498 638 796 914
Operating
Profit12 12 22 21 93 120
OP Margin 3.6% 3.1% 4.4% 3.3% 11.7% 13.1%
(billion KRW)
12 12 22 21
93
120
0
20
40
60
80
100
120
140
0
200
400
600
800
1,000
1,200
'10 '11 '12 '13 '14 '15
Revenue (L)
OP (R)
(bil. KRW) (bil. KRW)
항공기 부품 제조63%
Revenue growth in 2015 Revenue Composition
Military MRO
22%
Civil Aviation
MRO 12%
Unmanned
A/C
12%
A/C Manufacturing 54%
(2015)
15
Operating Expense Breakdown
Fuel
17%
Labor
19%
Depreciation
17%
Others
20%Airport
related
12%Maintenance
5%
In-flight
Service
4%
Commission
3%
Rentals
3%
영업수익 x억원4Q15
( 2,445 billion KRW)
4Q14
(2,742 billion KRW)
Fuel34%
Labor15%
Depreciation14%
Others16%
Airport related10%
Maintenance
2%
In-flight
Service
4%
Commission
3%
Rentals
2%
16
Key expenses
(billion KRW)
Amount Ratio
Fuel 406 924 -517 -56.0%
Labor1) 458 421 37 8.8%
Depreciation 422 392 30 7.6%
Airport related 292 271 21 7.7%
In-flight Service 107 98 9 9.5%
Commissions 78 80 -2 -2.3%
Maintenance2) 113 47 66 138.9%
Rentals 64 44 19 43.9%
Others 506 466 40 8.6%
Total 2,445 2,742 -297 -10.8%
4Q15 4Q14Changes
1) 2015 wage increase included (11.2 billion)2) Periodical maintenance for B777-300ER Engines concentrated in 4Q
17
2016 Business Plan
Financial Goals
Operating Revenue
Operating Expense
Operating Profit
2016
12,030
11,260
770
(Unit) 2015 2016
Fuel WTI $/BBL 49 55
FX Rate KRW/USD KRW 1,131 1,200
Interest
Rate3M Libor % 0.3 1.0
Key Assumptions
※ Non-consolidated
(billion KRW)
18
6
7
8
9
2015 2016
50
55
60
65
70
75
80
2015 2016
2016 Plan YoY
Capacity
(mil. Km) 96,999 4.1%
Traffic
(mil. Km) 75,215 5.0%
L/F 77.5% 0.6%p
Capacity
(mil. Ton Km) 10,856 2.3%
Traffic
(mil. Ton Km) 8,664 4.8%
L/F 79.8% 1.9%p
Passenger
Cargo
Passenger Traffic
Cargo Traffic
+5.0%
+4.8%
(billion Km)
(billion Km)
2016 Capacity & Traffic Plan
19
Fleet Status
Type Numbers of aircrafts Delivery(Month)
A380 10
A330 29
A3001) 3
B747-400 11
B747-8I 4 ①⑤⑥
B777 37 ⑤⑥
B7372) 39 ③⑥
Passenger Total 133 7
B747F 17
B747-8F 6 ⑧
B777F 5 ⑧⑨⑩⑫
Cargo Total 28 5
Total 161 12
1) Registration cancelled (Not operating)2) Scheduled to sublease 2 aircrafts(B737) to Jin Air
20