大韩航空2020年二季度财报（英文版）.pdf

Korean Air 2020 Q2 Disclaimer 2 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 managements 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. Income Statement (Non-consolidated) Category 2019 Q2 2020 Q2 Difference Comment Revenue 30,208 16,909 13,299 44.0% Pax 19,456 2,039 17,417 89.5% RPK92.2% Cargo 6,299 12,259 +5,960 +94.6% FTK +17.3% Others 4,453 2,611 1,842 41.4% Pax/Cargo related 1,120 Operating Expenses 30,880 15,424 15,456 50.1% Fuel 8,165 1,721 6,444 78.9% Consumption 54.9%, Price 55.4%, F/X +4.6% Non-Fuel 22,715 13,703 9,012 39.7% Operating Income O.P. Margin 672 2.2% 1,485 8.8% +2,157 Turnaround Non-Operating Income 3,833 1,334 +5,167 Interest Expense 1,326 1,124 +202 F/X Gain/Loss 2,453 1,574 +4,027 Income before Tax 4,505 2,819 +7,324 Net Income 3,495 1,624 +5,119 (Unit: KRW 00 mil) Revenue: Decrease due to COVID19 (-44.0%, yoy) Operating Income: Turnaround to Profit due to Cargo Sales Increase (+94.6%, yoy) Average F/X : 2019 Q2 1,167/$ 2020 Q2 1,220/$ (+53/$, +4.6%) 3 Category Dec. 31, 2019 June 30, 2020 Difference Comments Total Asset 257,584 254,281 3,303 1.3% Current Assets 33,035 39,964 +6,929 +21.0% Non-Current Assets for Sales included Cash Equivalent 11,458 13,459 +2,001 +17.5% Short-term Savings included Non-Current Assets 224,549 214,317 10,232 4.6% Aircraft related 164,087 157,530 6,557 4.0% Aircraft Depreciation Total Liability 229,400 230,922 +1,522 +0.7% Total Liability/Total Equity 814% 989% (+175%p) Financial Debt 158,828 168,081 +9,253 +5.8% F/X Impact +3,791, Net Debt Increase +3,461 Other Liabilities 70,572 62,841 7,731 11.0% Advances Received 36,360 29,748 6,612 18.2% Total Equity 28,184 23,359 4,825 17.1% Financial Position (Non-consolidated) Period End F/X: Dec.31.2019 1,157.8/$ June 30, 2020 1,200.7/$ (+42.9/$, +3.7%) Total Asset : KRW 25.4 trillion Total Liability: KRW 23.1 trillion 4 (Unit: KRW 00 mil) Passenger Business 5 Category 2018 2019 2020 Q2 Q2 YoY Q2 YoY ASK (mil. km) 24,835 25,276 1.8% 3,791 85.0% RPK (mil. km) 20,043 20,872 4.1% 1,623 92.2% L/F 80.7% 82.6% 1.9%p 42.8% 39.8%p Global Passenger Demand Stagnant due to the Widespread of COVID19 - International: COVID19 Affecting All Routes since March - Domestic: Demand Recovering from Jeju Routes +13% +5% +4% +4% -5% -3% +2% -83% -95% -92% -98% -99% -69% -84% - 2,000 4,000 6,000 Americas EU SEA China Japan Domestic Oceania 18Q2 19Q2 20Q2 Unit : KRW 00 mil Passenger Business Sales by Route / Region Sales by Route Sales by Region 6 27% 29% 49% 21% 21% 9% 19% 19% 14% 13% 12% 2% 10% 9% 1% 7% 7% 21% 3% 3% 4% 2018 Q2 2019 Q2 2020 Q2 Oceania Domestic Japan China SEA EU Americas 64% 61% 43% 14% 16% 26% 7% 7% 12% 6% 6% 11% 4% 4% 7% 5% 6% 1% 2018 Q2 2019 Q2 2020 Q2 Japan EU China SEA Americas Korea Cargo Business 7 Category 2018 2019 2020 Q2 Q2 YoY Q2 YoY AFTK (mil. ton/km) 2,665 2,537 4.8% 2,585 1.9% FTK (mil. ton/km) 2,023 1,781 12.0% 2,089 17.3% L/F 75.9% 70.2% 5.7%p 80.8% 10.6%p Supply Decrease Surpassing Demand Decrease due to COVID19 Cargo Aircraft Maximized for Emergent Equipment Transportation -11% -14% -13% -13% -18% -18% -7% +136% +109% +125% +98% +36% -49% -30% - 2,000 4,000 6,000 Americas EU SEA China Japan Domestic Oceania 18Q2 19Q2 20Q2 Unit : KRW 00 mil Cargo Business Sales by Routes / Region Sales by Routes Sales by Region 8 42% 43% 47% 24% 23% 23% 15% 15% 15% 12% 12% 11% 6% 6% 4% 0.6% 0.5% 0.1% 0.9% 1% 0.3% 2018 Q2 2019 Q2 2020 Q2 Oceania Domestic Japan China SEA EU Americas 24% 22% 35% 25% 24% 24% 13% 17% 18%14% 14% 8%11% 11% 8% 13% 12% 7% 2018 Q2 2019 Q2 2020 Q2 Japan EU Americas SEA Korea China Operating Expense Operating Expenses : KRW 1.5 trillion - Fuel 172 bil : Consumption & Price Downfall - Labor 477 bil : Salaries & Allowances Decrease - Airport 187 bil : Airport & Passenger Service Decrease 9 Fuel 26% Labor 22% Airport 18% Dep 14% Manufacturing 6% Maintenance 3% Others 11% 19Q2 KRW 3.1til Fuel 11% Labor 31% Airport 12% Dep 27% Manufacturing 7% Maintenance 5% Others 7% 20Q2 KRW 1.5tril - 50.1% Passenger Business Outlook Continued COVID19 Impact Continued Travel Restrictions due to Global Outbreak International Operation of 30 Routes in Q3 Domestic (Jeju) Summer Schedule at 2019 Level with Demand Recovery Flexible Response to Uncertainties Contingency Plan for Various Demand Recovery Scenarios Flexible & Timely Respond to Demand Recovery Service Enhancement in Preparation of Post-COVID Era Upgrade Pax Homepage & Mobile Web and Enhance Un-tact Service “CARE FIRST” Campaign: Emphasize Airport & In-Flight Quarantine Measures 10 Cargo Business Outlook Ongoing Uncertainties Recovery Delay of both Supply & Demand Emergent Equipment Transport Decrease vs. Regular Air Cargo Shipment Increase Secure Large Project Shipments for Stable Growth Secure Semiconductor Equipment, Global SPA, Online Retail Shipments Differentiate Service for Large Major Customers Increase Revenue Generation Maximize Freighter Operation & Increase Pax Aircraft Utilization Prioritize Routes Based on Profit (Frequency Increase, Charter Operation, etc.) 11 Aircraft Aircraft Type Dec 31, 2019 June 30, 2020 Wide-body A380 10 10 A330 29 29 B747-400 2 2 B747-8I 10 10 B777 44 43 B787-9 10 10 Narrow-body B737-800/900 31 29 A220 (CS300) 10 10 Passenger Aircraft 146 143 Freighter B747F 4 4 B747-8F 7 7 B777F 12 12 Cargo Aircraft 23 23 Total 169 166 B737-MAX8: Delivery Delayed until Safety is Confirmed 12 Thank You