Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Q1 2022 Earnings Presentation
19 slides from Aegean Airlines Sa's earnings presentation, May 2022
Slide 1: First Quarter 2022 Trading Update Presentation
First Quarter 2022 Trading Update Presentation May 2022
Slide 2: Recovery continues
Recovery continues Available Seats (in ‘000) Passengers (in ‘000) Load Factor 3.500 3.105 3.000 100% 2.525 3.000 2.500 82% 2.500 2.313 80% 66% 2.000 2.000 1.502 60% 48% 1.500 1.500 1.059 40% 1.000 1.000 460 500 500 20% 0 0 0% Q1-19 Q1-21 Q1-22 Q1-19 Q1-21 Q1-22 Q1-19 Q1-21 Q1-22 Revenues (in € mil)
Slide 3: Seasonally weak quarter – slightly lower losses
Seasonally weak quarter – slightly lower losses Revenue recovers on conservative build up of capacity Results impacted by: Continued impact from Omicron variant - especially Jan / Feb Significantly increased fuel costs High seasonality during winter months First Quarter First Quarter First Quarter %
Slide 4: Key performance indicators
Key performance indicators RPKs (in mil.) ASKs (in mil.) 3.000 3.500 3.015 2.482 3.000 2.500 2.500 2.211 2.000 2.000 1.455 1.500 1.500 1.000 869 1.000 405 500 500 0 0 Q1-19 Q1-21 Q1-22 Q1-19 Q1-21 Q1-22 Yield Revenue (in € cents) RASK (in € cents) 11,50 10 12 10 8 8,80 5,87 5,77 8 7,10 6 5,36 6 4 4
Slide 5: Operational expenses – CASK breakdown
Operational expenses – CASK breakdown Q1-19 Q1-21 Q1-22 ASK’s 3.015 869 2.211 Employee benefits 1,05 1,26 1,00 Aircraft fuel 1,42 0,99 1,48 Depreciation 1,17 3,86 1,39 Aircraft maintenance 0,99 1,15 0,88 Overflight expenses 0,39 0,37 0,41 Ground handling expenses 0,42 0,54 0,47 Airport charges 0,46
Slide 6: Group's liquidity position
Group’s liquidity position / Total capex of xx in the quarter, mainly due to PDPs Cash & Cash Equivalents (€ mil.) Debt (€ mil.) 516,9 478,4 474,4 458,8 437,2 346,2 344,8 198,7 FY 2019 FY 2020 FY 2021 Q1 2022 FY 2019 FY 2020 FY 2021 Q1 2022 (amounts in EUR mil.) FY 2019 FY 2020 FY 2021 Q1 2022 Cash
Slide 7: Aegean Fleet development
Aegean Fleet development • Flexibility remains key in current environment • NEO core fleet to provide significant cost benefits • Turboprop fleet; shift to ATR to contribute to fleet optimization December 2021 A/C AIRBUS NEO 9 AIRBUS CEO 41 Turboprop 15 Τotal 65 Aircraft 2022 2023 2024 2025 2026 AIR
Slide 8: 15 mil. available seats in 2022, 156 destinations in 42 countries
15 mil. available seats in 2022 Expanded Structure 156 destinations in 42 countries of 2022 Network 125 international destinations 31 domestic destinations 6 brand new destinations in Kuwait, Oslo, Bilbao, Cologne, Florence, Cluj Napoca 14 international destinations re-instated out of 8 bases in Ath
Slide 9: New Customer Services Onboard
New Customer Services Onboard Investing in innovation will continue to be a strategic priority, aiming at the continuous improvement of the services offered and the travel experience. 9 9
Slide 10: Focus on quality
New Upgraded Lounges (Athens, Thessaloniki) Expanding of Loyalty Product with New Partnerships Evolving Upgrade of web site services/look & App Positioning to Serve & Benefit from Turn -to –Quality of Greek Incoming Leisure & Product Focus on quality 10
Slide 11: Summer season 2022
Summer season 2022 Q2-22 Q3-22 Q4-22 Expected Capacity Level vs 2019 with Marginally flexibility to adjust -20% below to flat Flat Strong demand for Greece; Naturally attracts more competition as market capacity seen 7-10% higher in the summer months vs 2019, channeled primarily to islands; Booking
Slide 12: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty. Hedging rate % Year Jet Fuel 2022 47% 2023 7% Hedging rate % Year US dollars* 2022 29% 2023 30% *Cashflow hedges – additional hedges to cover Balance sheet $ liabilities 12
Slide 13: CEO commentary
Mr. Dimitris Gerogiannis, CEO of AEGEAN, 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
Slide 14: Appendix
Appendix
Slide 15: Aegean at a glance
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 - Schedule
Slide 16: Profit and Loss Account
Profit and Loss Account 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% Aircra
Slide 17: Balance Sheet Aegean Group- Summary
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 4
Slide 18: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary Jan-Mar Jan-Mar (in € mil.) 2021 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 beg
Slide 19: Group Operating Figures
Group Operating Figures First Quarter First Quarter 2021 2022 % change Capacity ASKs (in millions) 869 2.211 154% Total available seats (000) 1.059 2.313 118% Total Block Hours 10.322 23.223 125% Total Sectors Flown 7.883 15.104 92% Average capacity per flight 134 153 14% Average sector length (km)