Financial Position (consolidated)

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1 May 14 th, 2015

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) (Unit : billion KRW) 1Q Changes Ratio Current Assets 4,484 4, % Cash & Cash Equivalents 2, , % Non Current Assets 18,763 18, % Aircraft related assets 12,511 12, % Investment in asssociates % Total Assets 23,246 23, % Financial Liabilities 15,395 16, % Current 4,636 5, % Non Current 10,759 11, % Other Liabilities 5,138 4, % Total Liabilities 20,534 21, % Total Equity 2,713 2, % 3

4 Income Statement (consolidated) 1Q Q 2014 Changes Ratio Sales 2,871 2, % Operating Expense 2,681 2, % Operating Income % Non Operating Profit Foreign currency related gains, net Interest expense, net Equity method income, net Income Before Tax Net Income* (Unit : billion KRW) * Including net loss from discontinued operations of Hanjin Energy, KRW 162 billion 4

5 Income Statement (non consolidated) (Unit : billion KRW) 1Q Q 2014 Changes Ratio Sales 2,816 2, % Operating Expense 2,630 2, % Operating Income % Non Operating Profit Foreign curreny related gains, net Interest Expense, net Income Before Tax Turn to Profit Net Income Turn to Profit 5

6 Borrowings (non consolidated) As of Mar. 31st, 2015 As of Dec. 31st, 2014 Changes Balance (billion) Ratio Balance (billion) Ratio Balance (billion) Ratio USD % % % KRW 4, % 3, % % Others (JPY/EUR/HKD in USD) % % % Total (KRW) 14, % 14, % % Applied FX Rate - As of Dec 31 th, 2014 : 1USD 1,099.2KRW - As of Mar 31 th, 2015 : 1USD 1,105.0KRW 6

7 Revenue Composition (non consolidated) ( 2,816 billion KRW) (2,843 billion KRW) 여객 Cargo 25.5% Others 8.7% Cargo 24.1% Others 8.9% Aerospace 8.8% Aerospace 6.9% International Passenger 53.6% Domestic Passenger 3.4% International Passenger 56.1% Domestic Passenger 4.0% 7

8 Passenger Traffic Capacity (Mil ASK) YOY YOY 21,808 21, % % Jan 7,685 7, % % Feb 6,852 6, % % Mar 7,271 6, % % Traffic (Mil RPK) International Passenger Domestic Passenger 16,654 15, % % Jan 6,071 5, % % Feb 5,146 4, % % Mar 5,437 4, % % L/F(%) 76.4% 74.8% 1.6%p 69.2% 69.0% 0.0%p Yield (US Cent) % % 8

9 Passenger Revenue by Route Operation [billion KRW] -13% -11% +2% -2% -12% -1% -2% Domestic Japan China SEA Oceania America Europe America 28% America 29% Oceania 6% SEA 22% China 13% Europe 14% Domestic 6% Japan 11% Oceania 5% SEA 20% China 13% Europe 15% Domestic 7% Japan 11% 9

10 Passenger Revenue by Regional Sales % [billion KRW] -10% -24% +1% 0% -17% Korea Japan China SEA America Europe Europe 6% America 17% America 18% Europe 6% SEA 8% Korea 50% SEA 7% Korea 48% China 11% Japan 8% China 10% Japan 11% 10

11 Passenger Business overview 1Q Business Summary Traffic(RPK) changes : SEA 12%, China 9%, Europe 6%, Japan 4%, Oceania 2%, America 1% No. of Passengers carried : 8% (Korea Outbound 22%, Overseas 2% ) 2Q Business Plan The demand for overseas travel is expected to increase continuously upon long holidays in May and strong demand for honeymoon trip Enhancing profit-centric route operation & pro-active marketing with flexible fare offering New route : Incheon - Nanning (May) Jeju - Guiyang (May) Daegu - Shenyang (Jun) 11

12 Cargo Traffic Cargo (International + Domestic) Changes Capacity (Mil AFTK) 2,664 2, % Jan % Feb % Mar % Traffic (Mil FTK) 2,129 1, % Jan % Feb % Mar % L/F(%) 79.9% 78.7% 1.2%p Yield (US Cent) % 12

13 Cargo Revenue by Route Operation [billion KRW] +41% -26% -5% -22% -10% +8% -4% Domestic Japan China SEA Oceania America Europe Europe 21% Domestic 1% Oceania 1% Japan 4% China 9% Europe 29% Domestic 1% Oceania 1% Japan 5% China 12% America 52% SEA 12% America 39% SEA 13% 13

14 Cargo Revenue by Regional Sales % % -10% +15% +21% -33% 0 [billion KRW] Korea Japan China SEA America Europe America 15% SEA 14% Europe 9% China 19% Korea 28% Japan 15% America 13% SEA 13% Europe 13% China 22% Korea 32% Japan 7% 14

15 Cargo Business Overview 1Q Business Summary Traffic(FTK) Changes : America 25%, Oceania 21%, Japan 18%, SEA 2%, China 6%, Europe 10% Korea Outbound 6%, Transit 6% (Transit from : Japan 79%, America 18%, SEA 1%, China 8%, Europe 28% ) 2Q Business Plan Air cargo demand is expected to increase upon US economic recovery and Japan s rising exports due to yen weakness Improving profitability by securing demand in cooperation with global forwarders and developing customized services Securing new revenue streams and growth through integrated logistic services of Hanjin group 15

16 Operating Expense Breakdown (non consolidated) 영업수익 x 억원 (2,630 billion KRW) (2,826 billion KRW) Rentals 2% Commission 3% In-flight service 4% Maintenance 2% Airport related 10% Fuel 30% Others 17% Labor 17% Depreciation 15% Rentals 2% Commission 3% In-flight service 3% Maintenance 3% 영업수익 x 억원 Airport related 9% Fuel 37% Others 14% Labor 15% Depreciation 14%

17 Key Expenses (Unit: billion KRW) Changes Jet Fuel 789 1, % Labor 437* % Depreciation % Airport related % In-flight service % Commission % Maintenance % Rentals % Others % *Including 2014 wage increase, KRW 22 billion 17

18 Fleet Status (As of Mar. 31 st, 2015) Fleet Type Status Delivery (Month) A A B B747-8I B B Passenger Total B747F 17 B747-8F 5 7 B777F 5 Cargo Total 27 1 Total Scheduled to sublease 4 aircrafts(b737) to JIN Air 18

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