AEGEAN Airlines S A : Annual Financial Report for the period 01.01.2021 - 31.12.2021

ΑΕGEAN AIRLINES S.A.

GENERAL COMMERCIAL

REGISTRTY 1797901000

ANNUAL FINANCIAL

REPORT

FOR THE FISCAL YEAR 2021

In accordance with art. 4 of Law 3556/2007 and the Board of Directors' Resolutions of the Hellenic Capital Market Commission

Contents
1. Statements of the Board of Directors' Members ..........................................................................................................	4

2. Annual Report of the Board of Directors of AEGEAN AIRLINES S.A. on the Consolidated and Company Financial

Statement for Fiscal Year from 1st January to 31st December 2021 ......................................................................................	6
	2.1	Report of the Board of Directors .......................................................................................................................	6
	2.2	Key Risks and Risk Management......................................................................................................................	24
	2.3	Non-Financial Information ..............................................................................................................................	26
	2.4	Statement of Corporate Governance ..............................................................................................................	54
	2.5	Explanatory Statement ..................................................................................................................................	101
3.	Independent Auditors Report...........................................................................................................................	106
4.	Consolidated Financial Statements in accordance with IFRS for the year ended 31 December 2021......................	120
	4.1	Statement of Financial Position of the Company 31.12.2021 .......................................................................	120
	4.2	Statement of Financial Position of the Group 31.12.2021 ............................................................................	121
	4.3	Statement of Comprehensive Income of the Company 31.12.2021 .............................................................	122
	4.4	Statement of Comprehensive Income of the Group 31.12.2021 ..................................................................	123
	4.5	Statement of changes in the Equity of the Company 31.12.2021 .................................................................	124
	4.6	Statement of changes in the Equity of the Group 31.12.2021 ......................................................................	125
	4.7	Cash Flow Statement of the Company 31.12.2021 .......................................................................................	126
	4.8	Cash Flow Statement of the Group 31.12.2021.............................................................................................	127
	4.9	Notes to the Financial Statements .................................................................................................................	128
5.	Report on the use of funds from Bond Loan for the period 12/03/2019 up to 31/12/2021 ....................................	209
6.	Report on the use of proceeds from the Share Capital increase for the period from 14.06.2021 to 31.12.2021 ....	212
7.	Company announcements as per Art.10 Law 3401/2005 published during the fiscal year 2021.............................	215
8.	Website of the Annual Financial Report....................................................................................................................	218

1. Statements of the Board of Directors' Members

1. Statements of the Board of Directors' Members

(in accordance to art. 4 paragraph 2 of Law 3556/2007)

It is hereby stated that, to the best of our knowledge, the Annual Financial statements of Aegean Airlines S.A. for the period 1 January 2021 to 31 December 2021, which were prepared in accordance to the International Financial Reporting Standards as adopted by EU, truly reflect all Assets, Liabilities and Shareholders' Equity along with the Income Statement of the Company, as well as of the companies included in the consolidation.

It is also declared that, to the best of our knowledge, the Board of Directors' Annual Report truly reflects the business developments, the performance and the position of the Company, as well as of the companies included in the consolidation, including the key risks and uncertainties they are facing.

Kifissia, 22 March 2022

The undersigned

Eftichios Vassilakis

Dimitrios Gerogiannis

Nikolaos Sofianos

Chairman of the BoD

Chief Executive Officer

Member of the BoD

4

2. Annual Report of the Board of Directors of

AEGEAN AIRLINES S.A.

on the Consolidated and Company Financial

Statement for Fiscal Year from 1st January to 31st

December 2021