Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Investor Presentation (April 2008)
28 slides from Aegean Airlines Sa's investor presentation, April 2008
Slide 1: Aegean Airlines Company Presentation
Aegean Airlines Company Presentation Eftichios Vassilakis, Executive Vice Chairman April 2008
Slide 2: Agenda
Agenda Aegean Airlines at a glance Financial & operating update Our strategic focus Appendix 2
Slide 3: Fastest growing Greek carrier
Fastest growing Greek carrier Revenue breakdown (2007)* 4 Full Service Carrier since 1999 - Listed in July 2007 Scheduled 85% flights 4 Leader in Domestic Market - Developing International presence 10% Charter 4 5.2 million passengers in 2007 5% flights Other 4 40 routes to 29 destinations in Greece
Slide 4: Domestic network
Domestic network 4 Covering 98% of potential THESSALONIKI KAVALA ALEXANDROUPOLIS demand LIMNOS IOANNINA 4 Operating 23 routes, KERKYRA reaching 17 destinations MYTILINI CHIOS (Summer 2008) KEFALONIA ATHENS SAMOS MYKONOS 4 Carrying 3.4m pax in 2007 KOS (+10% y-o-y) RHODES SANTORINI 4 Market Share (pa
Slide 5: International network
International network 4 Operating 17 routes, 12 destinations on 9 countries (Summer 2008) 4 Covering 8 out of 15 most popular destinations out of Athens 4 Carrying 1.9m pax in 2007 (+35% y-o-y ) 4 Leader out of Thessaloniki 4 Expanding Share out of Athens (2nd position) 4 Code share agreements with
Slide 6: Competitive Update (Jan - Mar 2008)
Competitive Update (Jan - Mar 2008) Route AEGEAN y-t-d # Market Start AEGEAN Operators share market rank Trend ATH FRANKFURT 2007 3 3 MUNICH 2007 2 4 4 Alitalia de-hubs Malpensa ROME 2001 2 4 MILANO 2003 2 4 LARNACA 2004 2 3 4 Albanian Airlines drop CAIRO 2006 3 3 Athens-Tirana BUCHAREST 2006 1 3 SO
Slide 7: Focus on quality services
Focus on quality services % of web bookings 4 First to introduce Business Class in 30% domestic market 20% 4 Loyalty programme: Miles&Bonus 9% almost 10% of A3 passengers in 2007 2005 2006 2007 4 E-services / web check in: Largest e- commerce player by revenue in Greece 4 Self check in kiosks 4 5 ti
Slide 8: Strong brand and market position
Strong brand and market position Aegean at AIA Athens Airport Survey Number 2 carrier 30% Favorite airline for Greek residents Market share by Pax Choice = Market Share X 2 25% 20% Aegean Airlines 46% 15% 10% Olympic Airlines 21% 5% 2002 2003 2004 2005 2006 2007 Lufthansa 11% Aegean at Thessaloniki
Slide 9: Lufthansa’s regional partner
Lufthansa’s regional partner Hamburg Amsterdam 4 Cooperation since 2005 Hannover Brussels Berlin Paris Düsseldorf 4 Link generates additional passenger Frankfurt traffic from/to Lufthansa’s network, Stuttgart especially business traffic Munich 4 Increased brand awareness in Germany 4 Linked loyalty
Slide 10: Agenda
Agenda Aegean Airlines at a glance Financial & operating update Our strategic focus Appendix 10
Slide 11: Financials
Financials Euro (million) 2006 2007 07 vs 06 Revenue 401.1 482.7 20% Sales (€ million) EBITDAR 69.9 83.1 19% 2007 482.7 EBT 34.4 44.6 30% Net income 25.7 35.8 39% 2006 401.1 2006 2007 2005 340.6 Cash 24.4 158.3 Debt 56.7 57.5 2004 283.5 CAGR = 19% Total equity 16.5 167.5 EBITDAR (€ million) Net earn
Slide 12: Sector comparison
Sector comparison Revenue growth EBITDAR margin Net margin Vueling 54% Ryanair 29% Ryanair 20% NAS 44% BA 19% Aer Lingus 8% SkyEurope 28% Aegean 17% Easyjet 8% Ryanair 23% Iberia 17% Aegean 7% Aegean 20% Easyjet 17% Iberia 6% Aer Lingus 15% Aer Lingus 16% BA 6% Easyjet 11% Air France 16% Air France
Slide 13: 1Q 2008 traffic
1Q 2008 traffic 1Q 2007 1Q 2008 08 vs 07 Domestic passengers 700,587 705,483 1% International passengers 265,047 356,719 35% Total passengers 965,634 1,062,202 10% Total Flights 10,917 11,601 6% Pax / Flight 88 92 4% 13
Slide 14: Agenda
Agenda Aegean Airlines at a glance Financial & operating update Our strategic focus Appendix 14
Slide 15: Investment in new aircraft
Investment in new aircraft 4 Delivery of 27 new aircraft over the 2007-2010 period – $1.2 bn in leased and purchased aircraft = largest private investment in transportation in Greece 4 Retirement of Boeing fleet (15 aircraft over the Q4:2007 - Q1:2009 period) Benefits Costs 4 Image benefits / Busine
Slide 16: Our Fleet
Our Fleet 2007 2008 2009 2010 A320/321 deliveries 3 10 8 6 Boeing re-deliveries 1 4+2 8 Avro re-delivery 2 Average fleet size 2007 2008 2009 2010 A 320 2.5 7.9 16.2 21.5 A 321 0.0 1.4 3.5 4.0 Avros 6.0 6.0 6.0 5.0 Boeing 737/300-400 14.9 11.1 2.5 0.0 Total 23.4 26.4 28.3 30.5 Fleet at peak period 24
Slide 17: Average fleet age
Average fleet age 12.0 8.0 Years 10.4 10.0 4.0 8.0 4.0 2.0 0.0 2006 2007 2008E 2009E 2010E 17
Slide 18: Our Network Expansion Strategy
Our Network Expansion Strategy 4 Target W.European & regional markets 4 Expansion criteria/priorities 4 Destinations within 4-hour flight radius 4 Balance of traffic originating in Greece 4 High share of point-to-point traffic 4 Slots availability 4 2008 Summer schedule consistent with stated strate
Slide 19: Closing remarks
Closing remarks Our strengths / opportunities 4 Leading domestic position and increasing international market significance 4 Profitable since 2003, without new aircraft 4 Fleet investment benefits gradually by Q2 2009: image, fuel costs, maintenance costs, utilization, average capacity per aircraft,
Slide 20: Appendix
Appendix Recent results Our network Shareholders structure 20
Slide 21: 2007 operating review
2007 operating review 4 More flights, longer distances & market share gains in a growing market AIA Pax (m) & A3 market share (%) A3 Total pax (m) 5.23 22 32% 4.45 23% 25% 4.01 20 20% 22% 27% 3.58 18 17% 22% 2.85 16 14% 17% 2.42 14 12% 12 15.1 16.5 7% 10 12.2 13.6 14.3 8 11.8 2% 6 -3% 2002 2003 2004
Slide 22: 2007 review: P&L Highlights
2007 review: P&L Highlights Euro (million) 2006 2007 07 vs 06 Revenue 401.1 482.7 20% EBITDAR 69.9 83.1 19% EBITDAR margin 17.4% 17.2% -0.2pp EBIT 40.0 42.9 7% EBT 34.4 44.6 30% Net income 25.7 35.8 39% Net income margin 6.4% 7.4% 1pp 22
Slide 23: 2007 review: Balance Sheet
2007 review: Balance Sheet Euro (million) Dec-06 Dec-07 Advances for A/C acquisition 32.1 77.8 Other fixed assets 39.7 46.5 Total fixed assets 71.8 124.3 Cash and cash equivalents 24.4 158.3 Other current assets 70.6 70.5 Total Assets 166.8 353.2 Total equity 16.5 167.5 Debt 56.7 57.5 Other Liabilit
Slide 24: 2007 review: Key Performance Indicators
2007 review: Key Performance Indicators 2006 2007 07 vs 06 Load Factor (RPK/ASK) – Scheduled 71.8% 69.5% -2.3pp Load Factor (Pax/AVS) – Scheduled 70.4% 69.2% -1.2pp Avg Pax/flight 93 96 +3 pax Yield (€ cents) 14.0 13.4 -4.1% RASK (€ cents) 10.0 9.4 -5.2% CASK - EBITDAR level (€ cents) 8.2 7.8 -5.0%
Slide 25: Our network (Summer 2008)
Our network (Summer 2008) 4 Covering 8 out of 15 most popular international destinations Top 15 International Destinations from from Athens AIA 1 London Domestic Routes International Routes 1 Athens-Alexandroupolis 13 Athens-Rhodes 1 Athens-Bucharest 2 Larnaca 2 Athens-Chania 14 Athens-Samos 2 Athen
Slide 26: Shareholders structure
Shareholders structure Free Float 25.4% Vassilakis Group 33.9% Piraeus Bank 4.7% Osiris 4.7% D. Ioannou 6.1% Laskarides Group Cantel 19.0% Participations 6.2% 26
Slide 27: Thank you
Thank you For further information on AEGEAN please visit our website at www.ageanair.com or contact our Investor Relations Manager Stella Dimaraki investors@aegeanair.com +30 210 6261972 27
Slide 28: Forward Looking Statements
Forward Looking Statements Except for historical information, the statements made or information contained in this presentation are forward-looking in nature and, as such, are subject to certain risks and uncertainties, many of which are beyond the Company’s control, which could cause the actual res