2011 3Q2011. 3Q Performance - Asiana Airlinesimg.flyasiana.com/irnews/ir/3Q. 2011...
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2011 3Q 2011. 3Q Performance 2011. 11. 10
Transcript of 2011 3Q2011. 3Q Performance - Asiana Airlinesimg.flyasiana.com/irnews/ir/3Q. 2011...
2011 3Q2011. 3Q Performance
2011. 11. 10
C- Contents -1. 2011. 3Q. Summary1. 2011. 3Q. Summary
1) Summary --------------------------------------------------------- 1
2) Compositions --------------------------------------------------------- 2
2 2011 3Q Fi i l P f2. 2011. 3Q. Financial Performance1) Income Statement --------------------------------------------------------- 4
2) Balance Sheet --------------------------------------------------------- 5
3) Cost Breakdown --------------------------------------------------------- 6
3. 2011. 3Q. Operating Performance1) Int’l Passenger --------------------------------------------------------- 71) Int l Passenger
2) Cargo --------------------------------------------------------- 9
4. Fleet Plan --------------------------------------------------------- 11
5. Market Demand1) Int’l Passenger Demand --------------------------------------------------------- 12
2) Cargo Demand --------------------------------------------------------- 14
※ Account Standards Change --------------------------------------------------------- 16
1) Summary(K IFRS)
1. 2011. 3Q Summary
(Unit : KRW 100mil.)
1) Summary(K-IFRS)
(Unit : KRW 100mil.)
Revenue Operating Income Capital Stock BorrowingsRevenue
14,101
p g(Op. Margin %)
1 520
Capital Stock
8 9219,138 34,86213,816 2,479
(17.9%)
Borrowings
(2.1%)
1,520(10.8%)
-38.7%(-7.2%p)
8,921
(217)
30,745(-4,117)
( )
’10.3Q. ’11.3Q. ’10.3Q ’11.3Q. ’10.3Q. ’11.3Q. ’10.3Q. ’11.3Q..
Income Statement Balance Sheet (Unit : KRW 100mil.)(Unit : KRW 100mil.)
Category 2011. 3Q. 2010.3Q. Change(%)
Revenue 14,101 13,816 2.1%Operating 1 520 2 479 38 7%
Category 2011.09. 2010.12 Change(%)
Assets 57,563 59,471 -1,908
Liabilities 49 722 51 394 1 672p gIncome 1,520 2,479 -38.7%
Net Income -474 1,617 -
Liabilities 49,722 51,394 -1,672
Equity 7,841 8,077 -236 1
2) Compositions
1. 2011. 3Q Summary
2) Compositions
Revenue Composition Cost Composition
Domestic PaxOth
Labor11.6%Pax
5.4%Others8.1%
Others31.3%
Cargo23.3%
Fuel38 0%Sales
31.3%
Int’l Pax63.2%
38.0%
Maintenance4.9%
Sales Commission
2.0%
Lease Rental7.6%
Dep. & Amortization
4.6%
2
[Above numbers are based on 3Q.2011. data]
2) Compositions(Cont’d)
1. 2011. 3Q Summary
2) Compositions(Cont d)
Revenue Composition by Passenger Routes Revenue Composition by Cargo Routes
Domestic7.9%
Oceania5.7%
Japan6.7%
Oceania1.0%
Japan18 7%
Europe8.7% Domestic
0.4%
S.E. Asia15 6%
Europe21 0%18.7%
USA20.5%
15.6%
China
21.0%
SE Asia18.7%
China8.7%
USA
China19.9%
USA46.7%
3[Above numbers are based on 3Q.2011. data]
2. 2011. 3Q Financial Performance
1) Income Statement (K IFRS)
CategoryQuarterly Cumulative
’11 3Q ’10 3Q Change Change ’11 3Q ’10 3Q Change Change
(Unit : KRW 100mil.)1) Income Statement (K-IFRS)
’11.3Q. ’10.3Q. Change g(%) ’11.3Q. ’10.3Q. Change g
(%)
Revenue 14,101 13,816 285 2.1% 39,763 37,828 1,935 5.1%
Cost of Sales 11,286 9,664 1,622 16.8% 32,586 27,748 4,838 17.4%
SG & A. Expenses 1,295 1,673 -378 -22.6% 4,293 4,768 -475 -10.0%
Operating Income 1,520 2,479 -959 -38.7% 2,884 5,312 -2,427 -45.7%
O M i (%) 10 8% 17 9% 7 2% 7 3% 14 0% 6 8%- Op. Margin(%) 10.8% 17.9% -7.2%p - 7.3% 14.0% -6.8%p -
Non-Operating Income -2,102 -350 -1,752 - -2,433 -1,993 -439 -
Other Gain 1,380 240 1,141 475.3% 2,725 1,431 1,294 90.4%
Other Loss 3,080 58 3,022 5,245.4% 3,786 1,776 2,010 113.2%
- Foreign Currency related Gain/Loss -784 582 -1,366 - -287 188 -475 -
Financial Gain 37 27 10 34 8% 98 89 10 10 9%Financial Gain 37 27 10 34.8% 98 89 10 10.9%
Financial Loss 439 559 -120 -21.5% 1,470 1,737 -267 -15.4%
- Net Interest Cost 402 532 -130 -24.4% 1,366 1,648 -282 -17.1%
Income Before Taxes 581 2 129 2 711 452 3 318 2 867 86 4%Income Before Taxes -581 2,129 -2,711 - 452 3,318 -2,867 -86.4%
Net Income -474 1,617 -2,091 - 321 2,513 -2,191 -87.2%
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2. 2011. 3Q Financial Performance
Category 2011.09 2010.12 Change Change(%)
(Unit : KRW 100mil.)2) Balance Sheet (K-IFRS)
Current Assets 8,721 8,129 592 7.3%
Non-Current Assets 40,107 42,606 -2,499 -5.9%
Non-Current Assets held for sale 8,735 8,735 0 -
Total Assets 57,563 59,471 -1,908 -3.2%
Current Liabilities 28,329 24,595 3,734 15.2%
Non-Current Liabilities 21 393 26 799 -5 406 -20 2%Non Current Liabilities 21,393 26,799 5,406 20.2%
■ Borrowings with Interest 30,745 34,862 -4,117 -11.8%
- KRW Borrowings 22,483 24,559 -2,076 -8.5%
F i C B i 8 262 10 303 2 041 19 8%- Foreign Currency Borrowings 8,262 10,303 -2,041 -19.8%
■ Borrowings without Interest 18,977 16,532 2,445 14.8%
Total Liabilities 49,722 51,394 -1,672 -3.3%
Capital Stock＊ 9,138 8,921 217 2.4%
Total Equity 7,841 8,077 -236 -2.9%
Debt Ratio 634 1% 636 3% 2 2%pDebt Ratio 634.1% 636.3% -2.2%p -
5＊The number of remained subscription rights, related to BW, was 12.4 million as of 2011.09.30. (Expire date : Feb.2012)
(Unit : KRW 100mil )3) Cost Breakdown
2. 2011. 3Q Financial Performance
Category 2011.3Q. 2010.3Q.Changes
RemarksDifference Change(%)
Total Expense 12 581 11 337 1 244 11 0%
(Unit : KRW 100mil.)3) Cost Breakdown
Total Expense 12,581 11,337 1,244 11.0%
- Cost of Sales 11,286 9,664 1,622 16.8%
- SG & A Expenses 1,295 1,673 -378 -22.6%
The fuel price and consumptionFuel Expenses 4,783 3,581 1,202 33.6% The fuel price and consumption increased
- Fuel Price 300.7 218.0 82.7 37.9%
- Consumption(Mil. USG) 150.5 139.6 10.9 7.8%
- Exchange rate (￦/$) 1,056.7 1,176.7 -120.0 -10.2%
Wages 1,462 1,385 77 5.6% The number of employees and wages increased (+4.1%)
- Number of 9 008 8 474 534 6 3%employees 9,008 8,474 534 6.3%
Rental Expenses 962 970 -8 -0.9%
Depreciation 577 574 3 0.6%
Maintenance Expenses 616 434 183 42.1% Engine maintenance price increased and the capitalized maintenance expenses reduced
Sales Commission 246 679 - 433 -63.8% Sales commission for passenger flight was abolished in Korea from 11.4.1.Borrowing reduced by 426bil KRW* Interest Expenses 439 559 -120 -21.5% Borrowing reduced by 426bil. KRWyear –on –year
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3. 2011. 3Q Operating Performance
1) Int’l Passenger
2011. 3Q RPK increased by 9.5% due to the increment of outbound passenger during the big holidays and vacation season and inbound passenger from China and Japan
) g
Item ‘11. 3Q. ‘10. 3Q. Change Change(%)Rev(KRW 100 Mil.) 8,821 7,978 843 10.6%
ASK (Mil K ) %
Operating
ASK (Mil. Km) 9,801 8,882 919 10.3%
RPK (Mil. Km) 7,826 7,144 682 9.5%L/F 79.9% 80.4% -0.6%p -
Yield (KRW) 112.8 111.7 1.1 1.0%Yield (￠) 10.7 9.5 1.2 12.5%
Routes (Revenue doesn’t include sales commission)
Routes RPK(Mil. Km) Yield (KRW)‘11. 3Q. ‘10. 3Q. Change(%) ‘11. 3Q. ‘10. 3Q. Change(%)
Int’l Passenger 7,826 7,144 9.5% 112.8 111.7 1.0%J 722 843 14 4% 248 1 227 6 9 0%Japan 722 843 -14.4% 248.1 227.6 9.0%S.E. Asia 1,967 1,588 23.9% 90.9 91.7 -0.9%China 1,016 909 11.7% 187.9 178.3 5.4%USA 2 556 2 357 8 4% 76 8 76 1 0 8%USA 2,556 2,357 8.4% 76.8 76.1 0.8%EU 980 859 14.0% 84.8 80.7 5.2%Oceania 586 588 -0.3% 93.2 84.0 11.0%
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(U it Mil K )
3. 2011. 3Q Operating Performance
1) Int’l Passenger (Cont’d)
7,826RPK Change(%)
(Unit : Mil. Km)
Int’l Passenger RPK
1) Int l Passenger (Cont d)
5,779 5,690 5,9535,300 5,501
5,122
6,227 5,998
7,021 6,7637,144
6,700 6,749 6,998
28%
32%
g
8% 7% 5%-2% -5%
-10%
5%13% 15% 12%
-4%3%
10%
'08.1Q 2Q 3Q 4Q '09.1Q 2Q 3Q 4Q '10.1Q 2Q 3Q 4Q '11.1Q 2Q 3Q
(Unit : KRW)Int’l Passenger Yield
90 92
104 10597
90 88 91 93
112102 105 103
113
Yield Change(%)
90 92 86 90 88 91 93
7%14% 14%
21%
8%
7% 7%
9%
24%16% 16%
10%1%
-7%-14% -17%
-7%
'08.1Q 2Q 3Q 4Q '09.1Q 2Q 3Q 4Q '10.1Q 2Q 3Q 4Q '11.1Q 2Q 3Q8
(Change rate : year-on-year)
3. 2011. 3Q Operating Performance
2) Cargo
O ti
) g2011. 3Q RTK increased by 9.5% due to expansion of cargo supply and luring cargo in spite of
downgrading US credit rate, financial risk in Europe and sluggish IT demand
Item ‘11. 3Q. ‘10. 3Q. Change Change(%)Rev(KRW 100Mil.) 3,134 3,237 -103 -3.2%ATK (Mil. Km) 1,271 1,144 127 11.1%
Operating
RTK (Mil. Km) 963 879 84 9.5%L/F 75.8% 76.8% -1.1%p -Yield (KRW) 325.4 368.1 -42.7 -11.6%
R tRTK (Mil. Km) Yield (KRW)
Yield (￠) 30.8 31.3 -0.5 -1.6%
Routes (Revenue doesn’t include sales com)
Routes‘11. 3Q. ‘10. 3Q. Change(%) ‘11. 3Q. ‘10. 3Q. Change(%)
Cargo Total 963 879 9.5% 325.4 368.1 -11.6%Japan 20 22 -6.8% 1,021.9 931.7 9.7%pS.E. Asia 122 129 -5.8% 401.2 397.1 1.1%China 27 31 -10.9% 1,002.6 947.3 5.8%USA 556 502 10.7% 263.3 320.0 -17.7%EU 225 184 22.6% 291.7 318.8 -8.5%Oceania 9 8 13.8% 329.8 300.9 9.6%
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3. 2011. 3Q Operating Performance
2) Cargo (Cont’d)
929964 953 979 963RTK Change(%)
(Unit : Mil. Km)Cargo RTK
) g ( )
861 867 834777
703741
785
908 889929
879
17%27%
25%
12% 10%1%
-3% -3%
-20% -18% -15%-6%
12%6% 7% 5%
10%
'08 1Q 2Q 3Q 4Q '09 1Q 2Q 3Q 4Q '10 1Q 2Q 3Q 4Q '11 1Q 2Q 3Q
Yi ld Ch (%)
08.1Q 2Q 3Q 4Q 09.1Q 2Q 3Q 4Q 10.1Q 2Q 3Q 4Q 11.1Q 2Q 3Q
(Unit : KRW)Cargo Yield
271
316
363 357
261303
375349
387368 356
335364
325
36%47%
37%
48%
Yield Change(%)
271255
13%
36%28%
-6%-18% -16% 5%
37%
21%
-5% 4% -6%6% -4% 6%-12%
'08.1Q 2Q 3Q 4Q '09.1Q 2Q 3Q 4Q '10.1Q 2Q 3Q 4Q '11.1Q 2Q 3Q
(Change rate : year-on-year) 10
4. Fleet Plan
Fleet Status
Category ‘11.09 2010 Change Operating Finance Owned ‘2011(E) ‘2012(E)Total 71 69 2 44 17 10 71 80 Ratio 62% 24% 14%Ratio 62% 24% 14%
Passenger 62 59 3 42 14 6 62 69 A320-200 11 11 0 11 11 10 A321-100 2 2 0 2 2 2 A321 200 15 13 2 15 15 20A321-200 15 13 2 15 15 20 A330-300 10 9 1 10 10 12B737-400 2 2 0 1 1 2 2 B767-300 7 7 0 4 3 7 7 B777-200ER 11 11 0 3 8 11 12B747-Pax 2 2 0 2 2 2 B747-Com 2 2 0 1 1 2 2
Freighter 9 10 1 2 3 4 9 11Freighter 9 10 -1 2 3 4 9 11 B767-Frt 1 1 0 1 1 1 B747-Frt 8 9 -1 2 2 4 8 10
A380 +6 FleetsDelivered Aircraft in 2011- A321 : +2 Fleets(Jan, Mar)- A330 : +1 Fleet(Mar)
A380 +6 Fleets- Delivery from 2014 to 2017- Jumbo A/C with more than 500 seats- Expand of long haul routes
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Fleet Plan for 2012- Passenger: +7 Fleets(narrow body +4, mid/wide +3)- Freighter: +2 Fleets(B747-400)
A350 XWB(800/900/1000) +30 Fleets- Delivery form 2016 to 2022- A/C for Mid/long haul routes with 270~350 seats- Eco-friendly Aircraft(Low noise & emission)
Int’l Passenger Demand
5. Market Demand – 1) Int’l Passenger
4,500 Thou. Pax
Int’l Passenger Transit
g
550 Thou Pax
3,500
4,000
400
450
500
550 Thou. Pax
2,000
2,500
3,000
250
300
350
400
1 2 3 4 5 6 7 8 9 10 11 12
2008 2009 2010 2011
Outbound Inbound
1 2 3 4 5 6 7 8 9 10 11 122008 2009 2010 2011
MonthMonth
1,200
1,400
800
900
1,000 Thou. PaxThou. Pax
600
800
1,000
400
500
600
700
600
1 2 3 4 5 6 7 8 9 10 11 12
12
400
1 2 3 4 5 6 7 8 9 10 11 12
[Source : KTO, Incheon Airport Corporation, Korea Airport Corporation]
MonthMonth
D d f M j C t i
5. Market Demand – 1)Int’l Passenger Demand(Cont’d)
ChinaOutbound Inbound
Demand of Major Countries
2008 2009 2010 2011300
2008 2009 2010 2011
300
400
500
150
200
250
300 2008 2009 2010 2011
Thou. PaxThou. Pax
200
300
1 2 3 4 5 6 7 8 9 10 11 12
50
100
1 2 3 4 5 6 7 8 9 10 11 12Month Month
Japan
150
250
350
250
300
350 Thou. Pax Thou. Pax
65USA
50
150
1 2 3 4 5 6 7 8 9 10 11 12
150
150
200
1 2 3 4 5 6 7 8 9 10 11 12
Thou PaxTh P
Month Month
45
55
65 USA
7090
110130150 Thou. PaxThou. Pax
35
1 2 3 4 5 6 7 8 9 10 11 12[Source : KTO]
13
3050
1 2 3 4 5 6 7 8 9 10 11 12 MonthMonth
Cargo Demand
5. Market Demand – 2) Cargo
120
2008 2009 2010 2011
280
2008 2009 2010 2011
Cargo Transit
g
Thou. TonThou Ton
100
110
120
230
280 Thou. Ton
70
80
90
130
180
70
1 2 3 4 5 6 7 8 9 10 11 121 2 3 4 5 6 7 8 9 10 11 12
Outbound(except transit)
Inbound(except transit)
Month Month
50
60
70
70
80 Thou. Ton Thou. Ton
30
40
50
50
60
20
1 2 3 4 5 6 7 8 9 10 11 12
40
1 2 3 4 5 6 7 8 9 10 11 1214
MonthMonth
[Source : Incheon Airport Corporation]
5. Market Demand – 2) Cargo(cont’d)
Chemicals
Composition of Cargo Export (Weight)
Chemicals7.3%
Plastics52%
Others4.8%
Wireless devices10.0%
Chemicals5.6%
Plastics
Others4.1%
Wireless devices10.0%
5.2%
Textiles10.3%
Computers 3.0%
2011
Plastics4.8% Textiles
9.5%
Steel / MetalElectric
Computers3.5%
Steel / Metal4.4%
Machinery
Electric devices40.4%
Display Panels3.4%
2010년
2011.3Q.
Cum.
4.8%
Machinery259%
devices45.4%Display
Panels9.7%
2010
Machinery27.6%
Semi-conductors
6.0%
Car parts8.9%
25.9%
Semi-conductors
Car parts 8.6%
TV parts2.0%
Optical instruments
3.0%
4.9%TV parts
3.5%
Optical instruments
4.6%
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[Source : The Korea International Trade Association]
※Account standards change
Income Statement(Before) Income Statement(After)
Revenue
Operating/SG & A Expense
Revenue
Operating/SG & A ExpenseOperating/SG & A Expense
Operating IncomeBefore Other Income
Operating/SG & A Expense
Operating Income
Other Income- Foreign Currency related Gain/Loss (O ti l t d)
Other Income
Operating Income
(Operating related)- Tangible Asset related Gain/Loss, etc
- Foreign Currency related Gain/Loss- Tangible Asset related Gain/Loss, etc
Operating Income
Financial IncomeForeign Currency related Gain/Loss
Financial Income
- Foreign Currency related Gain/Loss (Non-operating related)
- Interest Gain, Interest Cost, etc
- Interest Gain, Interest Cost, etc
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