PEGASUS HAVA TASIMACILIGI ANONIM SIRKETI 2021 Q3 RESULTS PRESENTATION
November 2021
KEY HIGHLIGHTS
Fast ramp-up in Q3 driven by leisure travel: 3Q21 ASK recovered to 91%, pax to 82% and revenue to 70% of 3Q19.
Traffic
- A robust high-season thanks to strong leisure traffic and high vaccination rates: 3Q21 total ASK at 91%, pax at 82% of 3Q19 on a LF of 81%.
- Q3 domestic operation recovered back to pre-pandemic levels with an ASK at 113% and pax at 98% of 3Q19 on a LF of 86%.
- Q3 int'l ASK and pax rebounded to 83% and 68% of 3Q19, despite the slow traffic in some key markets due to ongoing border restrictions.
Financial Performance
- Q3 revenues at EUR450mn increased by 191% QoQ and reached 70% of 3Q19. 9M revenues stands at EUR727mn, reaching 54% of 9M19.
- Peak season yield performance was encouraging.
- 3Q21 EBITDA at EUR172mn (3Q19: EUR314mn), 9M21 EBITDA at EUR180mn (9M19: EUR487mn). Net profit at EUR56mn in 3Q21.
Liquidity
- Return to cash creation in 3Q21 with EUR13mn/month, thanks to the recovery in operations.
- Total cash reserve stands at EUR759mn at end-3Q21.
- Positive cash reserve after deducting total short and long term bank loans and debt instruments stands at EUR101mn as of the end of 3Q21.
Outlook
- Capacity plans are for c.85-90% ASK in 4Q21 and c.75% ASK production in 12M21, compared to 2019.
- Fleet size is at 91 A/C in Q3. 2021 year-end fleet size is estimated at 90 A/C.
- No capacity guidance shared for 2022 at the moment due to continuing uncertainity.
2 | Source:*IATA, **Eurocontrol |
Genel (Public)
OPERATING ENVIRONMENT
Domestic demand returned to 2019 levels in the peak season.
TURKEY PAX. (mn) | '21 as % | ||
of '19 | |||
(mn) | ||
of '19 | ||
'21 as % | ||
PEGASUS PAX. | ||
Domestic | 100.0 | 95% | 97% | 86% | 47% | 54% | 93% | ||||||||||||||
50.0 | |||||||||||||||||||||
2019 | 9.2 4.7 8.7 | 9.1 5.8 8.8 | 8.6 5.2 7.4 | 24.6 19.4 11.7 | 24.8 2.5 13.4 | 26.9 15.6 24.9 | |||||||||||||||
2020 | |||||||||||||||||||||
2021 | |||||||||||||||||||||
0.0 | |||||||||||||||||||||
Jul | Aug | Sep | Q1 | Q2 | Q3 | ||||||||||||||||
Domestic | |||||||||||||||||||||
11.0 | 103% | 101% | 90% | 60% | 64% | 98% | |||||||||||||||
15.0 | |||||||||||||||||||||
14.0 | |||||||||||||||||||||
13.0 | |||||||||||||||||||||
12.0 | |||||||||||||||||||||
10.0 | |||||||||||||||||||||
9.0 | |||||||||||||||||||||
8.0 | |||||||||||||||||||||
7.0 | |||||||||||||||||||||
6.0 | |||||||||||||||||||||
2019 | 1.4 0.8 1.4 | 1.4 1.2 1.4 | 1.4 1.1 1.3 | 4.0 .63 2.4 | 3.8 0.3 2.4 | 4.2 3.1 4.1 | |||||||||||||||
5.0 | |||||||||||||||||||||
2020 | |||||||||||||||||||||
4.0 | |||||||||||||||||||||
2021 | |||||||||||||||||||||
3.0 | |||||||||||||||||||||
2.0 | |||||||||||||||||||||
1.0 | |||||||||||||||||||||
0.0 | |||||||||||||||||||||
Jul | Aug | Sep | Q1 | Q2 | Q3 |
Turkey passenger data is taken from General Directorate of State Airports Authority Pegasus figures reflect booked passengers, international pax includes charter pax
66%
76.3
50.0
37.5
9M
75%
12.0
7.0 9.0
9M
3
International | 100.0 | 63% | 67% | 68% | |||||||||||||||
2019 | 13.3 | 8.4 | 14.2 | 9.4 | 12.2 | 8.3 | |||||||||||||
2020 | |||||||||||||||||||
2021 | 1.6 | 3.8 | 4.3 | ||||||||||||||||
0.0 | |||||||||||||||||||
Jul | Aug | Sep | |||||||||||||||||
International | |||||||||||||||||||
13.0 | 67% | 70% | 66% | ||||||||||||||||
12.0 | |||||||||||||||||||
11.0 | |||||||||||||||||||
10.0 | |||||||||||||||||||
9.0 | |||||||||||||||||||
8.0 | |||||||||||||||||||
7.0 | |||||||||||||||||||
6.0 | |||||||||||||||||||
2019 | |||||||||||||||||||
5.0 | |||||||||||||||||||
20204.0 | |||||||||||||||||||
3.0 | 1.6 | ||||||||||||||||||
2021 | 1.5 | 0.2 1.0 | 0.5 1.1 | 1.4 | 0.5 0.9 | ||||||||||||||
1.0 | |||||||||||||||||||
2.0 | |||||||||||||||||||
0.0 | |||||||||||||||||||
Jul | Aug | Sep |
36% | 32% | 66% | 49% | |||
84.9 |
28.5 | 39.7 | 41.3 | ||||||||||
14.1 | 9.2 | 26.1 | 24.2 | |||||||||
16.7 | 9.7 | |||||||||||
6.0 | 0.4 | |||||||||||
Q1 | Q2 | Q3 | 9M | |||||||||
34% | 34% | 68% | 48% | |||||||||
11.1 |
2.9 2.7 | 3.6 | 4.6 | 3.1 | 3.9 5.3 |
1.0 | 0.0 1.2 | 1.2 | ||
Q1 | Q2 | Q3 | 9M |
Genel (Public)
OPERATING ENVIRONMENT
Capacity roll out further improved in Q3 parallel to strong leisure travel demand and softer border entry rules.
Pegasus, ASK
2019
(rebased to 100%) | 113% | 118% 86% | 111% 86% | 112% 76% | |||||||||||
76% | 106% | 106% | 100% | 85% | 77% | 85% | 80% | ||||||||
Dom ASK (% of '19) | |||||||||||||||
Int ASK (% of '19) | |||||||||||||||
39% | 42% | 48% | 49% | 48% | 54% 47% | 63% 56% | 46% | 48% | 48% | 58% 41% | 54% | ||||
4% | 22% | ||||||||||||||
Jun '20 Jul '20 Aug '20Sep '20 Oct '20Nov '20Dec '20 Jan '21 Feb '21Mar '21Apr '21May '21Jun '21 Jul '21 Aug '21Sep '21 |
96% | 113% | |||
80% | 75% | 84% | 83% | |
37% | 48% | 50% | 48% |
Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21
Factor
2019
2020&21Domestic
International
Pegasus, Load
91% | 91% | 90% | 96% | 93% |
88% |
83% | 84% | 81% |
79% | ||
71% | 75% |
96% 95% 95%
88% | 90% |
81%
95% | 91% | 91% | 92% | 95% | 85% | 88% | 86% | 85% | 88% | ||
84% | 85% | 85% |
77% | 78% | |||||||
81% | 82% | 86% | ||||||
78% | 77% | 73% | 73% | 75% | 75% | |||
70% |
63% | 65% | 66% |
59% | 61% |
86% | 82% | 83% | 86% |
72% 74%
67% 64%
Jan Feb Mar Apr May Jun Jul Aug Sep | 3Q20 4Q20 1Q21 2Q21 3Q21 | Jan Feb Mar Apr May Jun Jul Aug Sep | 3Q20 4Q20 1Q21 2Q21 3Q21 |
4
Genel (Public)
SUMMARY 2021 Q3 and 9M FINANCIAL HIGHLIGHTS
Bottom-line net profit is at EUR56mn in Q3.
2019 | 2020 | 2021 | '21 vs '19 | 2019 | 2020 | 2021 | '21 vs '19 | |
EURmn | Q3 | Q3 | Q3 | % ch. | 9M | 9M | 9M | % ch. |
Revenues | 647 | 181 | 450 | -30% | 1,344 | 490 | 727 | -46% |
Costs | 395 | 191 | 344 | -13% | 1,037 | 600 | 744 | -28% |
EBITDA | 314 | 55 | 172 | -45% | 487 | 82 | 180 | -63% |
Net profit/loss 183 | 27 | 56 | -69% | 199 | -142 | -110 | n.m. |
5
- Traffic trends showed a significant recovery in the high-season thanks to strong leisure travel demand. High vaccination rates are supporting the willingess to travel and easing of border restrictions.
- Domestic demand was particularly strong, as the fast traffic recovery seen after the lifting of the full lockdown in the country on May 16 extended into peak season. Pegasus supplied %9 higher number of seats in 3Q21 to the domestic market compared to 3Q19.
- On a quarterly basis, (3Q21 vs. 2Q21), with pax volumes growing by 70% and yield recovery further accelerating, Pegasus recorded 191% revenue growth. When indexed to 3Q19, while pax volumes reached 82%, revenue recovery stood at 70%.
- Total RASK was EURc3.89 in 3Q21, at 77% of 3Q19.
- On a quarterly basis (3Q21 vs. 2Q21), total costs increased by 67%, far below the topline growth.
- When compared to 3Q19, total costs were 13% lower. Cash fixed costs were down by 21%. Staff costs continued to normalize parallel to the operational recovery.
- Total CASK was EURc2.98 in 3Q21, -10% vs. 2Q21 and at 96% of 3Q19.
- Bottom-lineread EUR56mn net profit in Q3. Below the operating line, EUR24mn net interest expenses and EUR16mn net FX losses trimmed the positive operating result.
Genel (Public)
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Pegasus Hava Tasimaciligi AS published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 13:18:04 UTC.
