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    AEGN   GRS495003006

AEGEAN AIRLINES S.A.

(AEGN)
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Aegean Airlines S A : First Half 2021 results

09/17/2021 | 03:02am EST

PRESS RELEASE

Second Quarter & First Half 2021 Financial Results

Positive Cash Flow in the second quarter despite limited activity,

Significant reduction of losses

Kifissia, 17 September 2021

AEGEAN announces the financial and operating results for the second quarter and the first half of the year.

The restrictive measures in force until mid-May continued to weigh heavily on Group's activity and results. However, the efforts to adjust flight operations within these restrictions in conjunction with cost management and gradual flight activity restart towards the end of the quarter contributed to positive cash flows and the reduction in total losses in the second quarter of the year.

During the second quarter, Group's activity remained at low levels, i.e. 35% of 2019 activity in ASK's, being although significantly higher relative to 2020. More specifically, the Group operated more than 15,000 flights and carried 1,2 mil. passengers.

Consolidated revenue during the second quarter stood at €108,6 mil, 168,8% higher compared to 2020. Net losses after tax came to €33,9 mil., reduced from losses of €73,4 mil. in the second quarter of 2020.

Following the second quarter, consolidated revenue in the first half of the year stood at €152,8 mil, 18,4% lower while net losses after tax stood at €78,4 mil. from €158,8 mil. recorded in the first half of 2020.

Cash flow from operations in the second quarter was positive for the first time since the pandemic outbreak in March 2020, mainly due to the increase of tickets pre-sales for the summer. Cash and cash equivalent stood at €545,7 mil. on 30.06.2021, including the €60 mil. share capital increase completion but not including the EU approved State Aid which was received in early July 2021 (second half of the year).

Mr. Dimitris Gerogiannis, AEGEAN's CEO, commented:

"Since late May, following the easing of travel restrictions, air traffic showed signs of significant recovery. We achieved for the first-time positive cash flows for the quarter, after 18 months and got on track for a summer season closer to normal. The recovery in travel demand evidenced in the third quarter, especially towards Greece and our increased activity from several bases to important source markets, yielded a significant gain in passengers in July and August reaching 2.3 mil. passengers, as

1

we have already announced a few days ago. We are moving forward with our investments in fleet, product and training, while being mindful of the significant challenges remaining ahead due to the pandemic".

Consolidated Results

1st

1st

%

2nd

2nd

%

1st half

1st half

%

in € mil.

quarter

quarter

quarter

quarter

2020

2021

2020

2021

2020

2021

Revenue

147,0

44,3

-69,9%

40,4

108,6

168,8%

187,4

152,8

-18,4%

EBITDA1

(34,1)

(14,0)

-

(15,5)

3,9

-

(49,6)

(10,1)

-

Pre-tax

profit/(losses) for

the period

(112,3)

(56,9)

-

(88,5)

(34,8)

-

(200,8)

(91,8)

-

Net profit/ (losses)

for the period

(85,4)

(44,5)

-

(73,4)

(33,9)

-

(158,8)

(78,4)

-

Passenger traffic

1st

1st

%

2nd

2nd

%

1st half

1st half

%

quarter

quarter

quarter

quarter

2020

2021

2020

2021

2020

2021

Passengers (,000)

2.135

460

-78,5%

328

1.190

262,8%

2.463

1.650

-33,0%

Flights

18.752

7.883

-58%

5.681

15.022

164%

24.433

22.905

-6,3%

Load Factor

(RPK/ASK)

76,0%

47,5%

-28,5pp

50,8%

55,8%

5,0pp

72,5%

53,1%

-19,5pp

Key Performance Indicators are posted on the company's website

http://en.about.aegeanair.com/investor-relations/financial-results/financial-results/

AEGEAN management will host a conference call to present and discuss First Half 2021 Financial Results on Monday, 20th September 2021 at 16:30 Athens time / 14:30 UK time. Please refer to company's website for details.

About AEGEAN

ΑEGEAN and its subsidiary Olympic Air carried 15 million passengers in 2019.

The Company has been awarded, for the ninth consecutive year and tenth time in the last 11 years, with the Skytrax World Airline award, as the best European regional airline in 2019.

1 EBITDA: Earnings (Losses) before interest, tax, depreciation & amortization

2

AEGEAN at a glance

Jan-

Jan-

Apr-

Apr-

Jan-

Jan-

Consolidated results (in

Mar

Mar

Change

Jun

Jun

Change

Jun

Jun

Change

EUR mil.)

2020

2021

in %

2020

2021

in %

2020

2021

in %

Revenue

147,0

44,3

-69,9%

40,4

108,6

168,8%

187,4

152,8

-18,4%

EBITDA

(34,1)

(14,0)

-58,9%

(15,5)

3,9

-

(49,6)

(10,1)

-79,7%

Pre-tax earnings /

(Losses) for the period

(112,3)

(56,9)

-49,3%

(88,5)

(34,8)

-60,6%

(200,8)

(91,8)

-54,3%

Net earnings / (Losses) for

the period

(85,4)

(44,5)

-47,9%

(73,4)

(33,9)

-53,8%

(158,8)

(78,4)

-50,6%

Total number of

passengers (in thousands)

2.135

460

-78,5%

328

1.190

262,8%

2.463

1.650

-33,0%

Average number of

passengers per flight

114

58

-48,8%

58

79

37,2%

101

72

-28,5%

Load factor - Scheduled

services (RPK/ASK)

76,0%

47,5%

-28,5pp

50,8%

55,8%

5,0pp

72,5%

53,1%

-19,5pp

Load factor - Scheduled

services (Pax/AVS)

75,0%

44,5%

-30,5pp

47,1%

56,0%

8,9pp

69,5%

52,2%

-17,3pp

Average sector length

(km)

858

660

-23,1%

508

698

37,2%

777

685

-11,9%

RASK (Revenue per ASK,

in € cents)

5,6

5,4

-3,5%

9,4

6,2

-34,4%

6,1

5,9

-3,1%

Yield (Revenue per RPK,

in € cents)

7,3

11,5

56,7%

18,8

11,1

-40,7%

8,4

11,2

33,0%

CASK (EBT level, in €

cents)

9,6

11,9

23,8%

29,3

8,1

-72,4%

12,4

9,3

-24,5%

CASK (EBT level, in €

cents) - excl. fuel costs

8,0

10,9

37,0%

27,6

7,0

-74,6%

10,7

8,3

-22,6%

3

Profit & Loss Statement

Jan-

Jan-

Apr-

Apr-

Jan-

Jan-

Consolidated results (in

Mar

Mar

Change

Jun

Jun

Change

Jun

Jun

Change

EUR mil.)

2020

2021

in %

2020

2021

in %

2020

2021

in %

Revenue

Scheduled Services

123,5

34,0

-72,5%

32,0

89,2

178,6%

155,6

123,2

-20,8%

Charter

2,8

2,4

-16,5%

0,4

5,4

1239,3%

3,2

7,8

140,4%

Other

20,6

8,0

-61,4%

8,0

13,9

75,0%

28,6

21,9

-23,5%

Total revenue

147,0

44,3

-69,9%

40,4

108,6

168,8%

187,4

152,8

-18,4%

Other operating income

6,3

2,3

-63,6%

1,2

2,5

100,5%

7,5

4,8

-36,4%

Employee benefits

(31,2)

(11,0)

-64,9%

(11,3)

(14,7)

30,3%

(42,4)

(25,6)

-39,7%

Aircraft fuel

(45,4)

(8,6)

-81,1%

(7,8)

(19,6)

152,6%

(53,2)

(28,2)

-47,0%

Aircraft maintenance

(30,0)

(10,0)

-66,6%

(5,9)

(19,6)

229,1%

(35,9)

(29,6)

-17,6%

Overflight expenses

(10,3)

(3,2)

-68,5%

(2,0)

(6,4)

227,4%

(12,2)

(9,7)

-21,1%

Ground handling

(11,4)

(4,7)

-59,0%

(2,8)

(8,4)

197,7%

(14,2)

(13,1)

-7,8%

Airport charges

(14,2)

(4,4)

-69,0%

(2,6)

(8,7)

237,4%

(16,8)

(13,1)

-21,9%

Catering expenses

(5,9)

(1,4)

-76,3%

(0,5)

(3,7)

588,6%

(6,5)

(5,1)

-21,8%

Distribution expenses

(12,9)

(3,8)

-70,5%

(4,3)

(8,0)

85,8%

(17,3)

(11,9)

-31,3%

Marketing & advertising

(4,4)

(1,2)

-72,3%

(0,8)

(3,2)

274,0%

(5,3)

(4,4)

-16,7%

Other expenses

(20,6)

(11,7)

-43,1%

(18,2)

(13,6)

-25,4%

(38,9)

(25,3)

-34,8%

Aircraft leases

(1,0)

(0,6)

-44,6%

(0,8)

(1,2)

48,1%

(1,8)

(1,8)

-2,5%

EBITDA

(34,1)

(14,0)

-58,9%

(15,5)

3,9

-

(49,6)

(10,1)

-79,7%

Depreciation

(36,5)

(33,6)

-8,0%

(36,6)

(31,4)

-14,1%

(73,1)

(65,0)

-11,0%

EBIT

(70,6)

(47,6)

-32,6%

(52,1)

(27,5)

-47,2%

(122,6)

(75,1)

-38,8%

EBIT margin

-48,0%

-107,5%

-129,0%

-25,3%

-65,4%

-49,1%

Financial results

(41,8)

(9,4)

-77,6%

(36,4)

(7,3)

-79,9%

(78,2)

(16,7)

-78,7%

EBT

(112,3)

(56,9)

-49,3%

(88,5)

(34,8)

-60,6%

(200,8)

(91,8)

-54,3%

EBT margin

-76,4%

-128,6%

-219,2%

-32,1%

-107,2%

-60,0%

Income Tax

27,0

12,5

-53,8%

15,1

0,9

-93,9%

42,1

13,4

-68,2%

Net earnings / (loss) after

tax

(85,4)

(44,5)

-47,9%

(73,4)

(33,9)

-53,8%

(158,8)

(78,4)

-50,6%

4

Balance Sheet AEGEAN Group - Summary

(in € mil.)

December 2020

June 2021

Total Fixed Assets

838,8

808,9

Cash & Cash Equivalents*

466,2

533,4

Financial Assets Available for Sale

12,3

12,4

Other Current Assets

123,8

192,4

Total Assets

1.441,0

1.547,1

Total Equity

77,6

82,3

Leases Liabilities

425,1

398,2

Loans

437,2

437,2

Other Liabilities

501,1

629,4

Total Equity and Liabilities

1.441,0

1.547,1

  • Includes restricted cash of 29,1 mil. eur and 6,4 mil eur in 31/12/2020 and 30/06/2020 respectively

Cashflow AEGEAN Group - Summary

(in € mil.)

Jan - Jun 2020

Jan - Jun 2021

Net cash flows from operating activities

14,7

94,5

Net cash flows from investing activities

(59,0)

(5,1)

Net cash flows from financing activities

(23,9)

(2,1)

Net (decrease)/ increase in cash and cash equivalents

(68,2)

87,3

Cash and cash equivalents at the beginning of the period

505,1

437,1

Foreign exchange difference impact in cash and cash equivalents

(0,3)

2,6

Cash and cash equivalents at the end of the period

436,6

527,0

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Aegean Airlines SA published this content on 17 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2021 07:01:05 UTC.


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Financials
Sales 2021 650 M 724 M 724 M
Net income 2021 60,0 M 66,8 M 66,8 M
Net Debt 2021 282 M 314 M 314 M
P/E ratio 2021 13,9x
Yield 2021 -
Capitalization 487 M 543 M 542 M
EV / Sales 2021 1,18x
EV / Sales 2022 0,91x
Nbr of Employees 2 699
Free-Float 38,0%
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Technical analysis trends AEGEAN AIRLINES S.A.
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 5
Last Close Price 5,40 €
Average target price 6,95 €
Spread / Average Target 28,7%
EPS Revisions
Managers and Directors
Dimitrios Christodoulou Gerogiannis CEO, Executive Director & Managing Director
Michael Kouveliotis Chief Financial Officer
Eftichios Theodorou Vassilakis Executive Chairman
Konstantinos Alexandrou Kalamatas Independent Non-Executive Director
Natalia Nikolaidis Independent Non-Executive Director
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