AEGEAN AIRLINES S.A. Press Release
First Quarter 2022 Trading Update
Significant revenue recovery and increase in passenger traffic
- Increase in Consolidated Revenues totaling €121 mil. following the gradual decline of the effects of Omicron variant.
- 1,5 mil. passengers travelled with AEGEAN.
Athens, May 26th 2022
AEGEAN announces the financial and operating results for the first quarter 2022, recording a significant increase in Consolidated Revenues which stood at €120,8 mil. in 2022 from €44,3 mil. in the respective quarter in 2021.
In the first quarter of 2022, the Group offered 2,3 mil. seats and carried 1,5 mil. Passengers. Total capacity offered in the first quarter of 2022 corresponded to 74% of the respective capacity offered in the first quarter of 2019, while load factor for the period improved to 66,1% from 47,5% in the first quarter of 2021, however remaining significantly lower compared with the pre-pandemic levels due to Omicron variant, especially in the first two months of the year.
In the first quarter of 2022, which is always weaker due to seasonality, the Losses after Taxes amounted to €38,5 mil. from €44,5 mil. in the first quarter of 2021. It is important to highlight that despite the effects of the pandemic and the significantly increased fuel costs, the Losses were not higher than the ones recorded in the first quarter of 2019.
As of 31.03.2022, cash and cash equivalents balance was €458,81 mil.
Mr. Dimitris Gerogiannis, AEGEAN's CEO, commented:
"In the period of the year with the lowest demand, with Omicron variant impacting load factors and the price of oil doubled compared to 2019, AEGEAN achieved a reduction in losses compared with 2021 and 2019. It is also important that from February onwards cash flows are positive mainly due to the pre-sales of tickets for the summer period.
For the summer period, the Group continues the gradual build-up of capacity by adding new destinations and increasing frequencies in the domestic and international network. We remain focused on our investment plan with
1 Includes financial assets of €17,0 mil. and restricted cash of €19,5mil
the delivery of 12 new Airbus 321/320 neo within 2022. The summer season shows a particularly strong dynamic in pre-bookings, with increased load factors that are approaching pre-pandemic levels. Our target for 2022 is to offer new services and more options for our passengers but also to achieve the first profitable year since the pandemic started. Undoubtedly, in an environment with high uncertainty and high fuel costs due to the geopolitical developments, flexibility and adaptability remain key priorities.
Consolidated Results | |||
First Quarter | First Quarter | % | |
(in € mil.) | 2021 | 2022 | 2022-2021 |
Revenue | 44,3 | 120,8 | 173% |
EBITDA1 | (14,0) | (16,1) | 15% |
Loss before taxes and interest | (47,6) | (46,7) | -2% |
Pre-tax loss | (56,9) | (48,3) | -15% |
Loss after tax | (44,5) | (38,5) | -14% |
Passenger Traffic
First Quarter | First Quarter | % | ||||||
2021 | 2022 | 2022-2021 | ||||||
Domestic Passengers ('000) | 251 | 717 | 185,4% | |||||
International Passengers ('000) | 209 | 785 | 276,5% | |||||
Total Passengers ('000) | 460 | 1.502 | 226,7% | |||||
Load Factor (RPK/ASK) | 47,5% | 66,1% | 18,6pp | |||||
Passengers per flight | 58 | 99 | 71% |
Aegean at a glance | |||
First Quarter | First Quarter | ||
(in € mil.) | 2021 | 2022 | % change |
Revenue | 44,3 | 120,8 | 173% |
EBITDA | (14,0) | (16,1) | 15% |
Pre-tax Losses | (56,9) | (48,3) | -15% |
Net Losses | (44,5) | (38,5) | -14% |
Total passengers (in thousands) | 460 | 1.502 | 227% |
Average passengers per flight | 58 | 99 | 71% |
Load factor - Scheduled services (RPK/ASK) | 47,5% | 66,1% | 18,6pp |
Load factor - Scheduled services (Pax/AVS) | 44,5% | 65,4% | 21,0pp |
Average sector length (km) | 660 | 829 | 25,6% |
RASK (Revenue per ASK, in € cents) | 5,4 | 5,8 | 7,7% |
Yield (Revenue per RPK, in € cents) | 11,5 | 8,8 | -24% |
CASK (EBT level, in € cents) | 11,9 | 8,0 | -33% |
CASK (EBT level, in € cents) - excl. fuel costs | 10,9 | 6,5 | -41% |
Consolidated Income Statement
First Quarter | First Quarter | ||||
(in € mil.) | 2021 | 2022 | % change | ||
Scheduled Services | 34,0 | 101,6 | 199% | ||
Charter | 2,4 | 2,5 | 8% | ||
Other | 8,0 | 16,7 | 109% | ||
Total Revenue | 44,3 | 120,8 | 172,7% | ||
Other operating income | 2,3 | 6,8 | 198% | ||
Employee benefits | (11,0) | (22,2) | 103% | ||
Aircraft fuel | (8,6) | (32,7) | 281% | ||
Aircraft maintenance | (10,0) | (19,5) | 95% | ||
Overflight expenses | (3,2) | (9,0) | 179% | ||
Ground handling expenses | (4,7) | (10,5) | 124% | ||
Airport charges | (4,4) | (9,7) | 119% | ||
Catering expenses | (1,4) | (4,8) | 239% | ||
Distribution expenses | (3,8) | (10,3) | 169% | ||
Marketing & advertising expenses | (1,2) | (3,0) | 141% | ||
Other operating expenses | (11,7) | (19,8) | 69% | ||
Leases | (0,6) | (2,2) | 298% | ||
EBITDA | (14,0) | (16,1) | 15% | ||
Depreciation | (33,6) | (30,7) | -9% | ||
EBIT | (47,6) | (46,7) | -2% | ||
EBIT margin | -107,5% | -38,7% | |||
Financial results | (9,4) | (1,6) | -83% | ||
Pre-tax Loss | (56,9) | (48,3) | -15% | ||
EBT margin | -128,6% | -40,0% | |||
Income Tax | 12,5 | 9,9 | -21% | ||
Net Loss after tax | (44,5) | (38,5) | -14% |
Balance Sheet Aegean Group- Summary
December | March | ||
(in € mil.) | 2021 | 2022 | |
Total Fixed Assets | 814,3 | 885,4 | |
Cash & Cash Equivalents1 | 462,1 | 441,8 | |
Financial Assets Available for Sale | 12,3 | 17,0 | |
Other Current Assets | 251,7 | 338,8 | |
Total Assets | 1.540,4 | 1.683,0 | |
Total Equity | 213,6 | 220,5 | |
Leases Liabilities | 414,2 | 447,1 | |
Loans | 346,2 | 344,8 | |
Other Liabilities | 566,3 | 670,6 | |
Total Equity and Liabilities | 1.540,4 | 1.683,0 |
Note:
1. Includes restricted cash of €19,5 mil. in 31/12/2021 and 31/03/2022 respectively.
Cash Flow Aegean Group- Summary
(in € mil.) | Jan-Mar 2021 | Jan-Mar 2022 | |||
Net cash flows from operating activities | (25) | 43 | |||
Net cash flows from investing activities | (1) | (33) | |||
Net cash flows from financing activities | (29) | (41) | |||
Net (decrease)/ increase in cash and cash | |||||
equivalents | (55) | (31) | |||
Cash at the beginning of the period | 457 | 442 | |||
Foreign exchange difference impact in cash | 4 | 12 | |||
Cash at the end of the period | 406 | 422 |
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Aegean Airlines SA published this content on 26 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2022 14:45:46 UTC.
