Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Investor Presentation (October 2021)
35 slides from Aegean Airlines Sa's investor presentation, October 2021
Slide 1: Corporate Presentation
Corporate Presentation October 2021
Slide 2: AEGEAN Airlines at a glance
AEGEAN Airlines at a glance Flying to 151 destinations in 44 Countries AEGEAN become Europe’s Best Regional Airline and hold first place for the Quality of its Services. Sustainable business model with key strategic focus area in operational quality and cost efficiency Efficient Operating Model Supe
Slide 3: More than 21 years of experience
More than 21years of experience 2020 1999 2003 2007 2011 2018 Delivery Launch scheduled First profitable Listing in Athens International Airbus order of 46x of 8 flights; year pre-tax Exchange, raising traffic exceeds A/C of the Α320 neo Domestic market basis; €135m through domestic for the A320neo
Slide 4: Proven track record of growth prior the pandemic
Proven track record of growth prior the pandemic 83,2% 83,9% 84,8% Load Factor Evolution 78,3% 78,3% 76,9% 77,4% 74,3% 68,1% 68,9% Available Seats Kilometers 16,4 16,7 17,2 18,6 14,7 12,2 15,0 9,8 10,7 8,3 9,1 14,0 13,2 12,5 11,6 Passenger Evolution (in mil.) 10,1 8,8 Domestic International Olympic
Slide 5: Network Development
Network Development Extrovert and international brand recognition, investing on product and service quality 5
Slide 6: Extrovert → Shift to International
Extrovert → Shift to International more than 100 destinations added Aegean Revenue Breakdown 44% 77% 56% 23% 2007 2019 Domestic International 2007 2019 5 mil. Passengers 15 mil. 22 Destinations 151 14 domestic 31 domestic 8 international 120 international 6
Slide 7: Consistent profitability and zero net debt including leases
Consistent profitability and zero net debt including leases Revenues (€ mil.) 2016 ↑| 11% 2017 ↑| 5% 2018 ↑| 10% 2019 1.308,8 Revenue mix 75% 10% 2017 76% 6% 84% 2018 77% 2019 2019 Scheduled Services Charter International Domestic Ancillary Revenue 7
Slide 8: 2020 was undoubtedly the most difficult year in Aviation and Aegean's history
2020 was undoubtedly the most difficult year in Aviation and Aegean’s history Flights Available Seats Passengers 54.404 | ↓ 53% yoy 7.783 | ↓ 56% yoy 5 mil. passengers | from 15 mil. in 2019 | ↓ 66% yoy Aircraft ASKs 67 -> 55 jets 7.194 mil.| ↓ 61% yoy 12 turboprop in 2020 Consolidated Revenues Load
Slide 9: Unprecedented impact in airline industry
Unprecedented impact in airline industry YOY % change on Sector Flown and Passenger Traffic European Airports Greek Market (ACI) (YPA) Athens International Airport AEGEAN Flights % Passengers Flights % Passengers Flights % Passengers Flights % Passengers 2020 chg % chg chg % chg chg % chg chg % chg
Slide 10: Greece and Aegean… no exception
Greece and Aegean… no exception 200mil. EBT loss H1 2020 1bil. Revenue shortfall in 12 months Bases Domestic Network 39 Greek airports but 1 metropolis Traffic Number of Main in pax Airports Airports >20m 1 Athens >6m 2 Thessaloniki, Heraklion Rhodes, Corfu, Chania, 1-6m 7 Kos, Santorini Zakynthos,
Slide 11: Actions to navigate crisis
Actions to navigate crisis Stage 1 (first six months) Cooperation Authorities on Pandemic – Protocols Consolidation HQ facilities = Improved Cooperation Protect the health of its customers Address Suppliers for Flexibility - Cost 01 and employees Secure Extra Liquidity Dynamic- Flexible Network mana
Slide 12: Path to “New Normality → 2023+”
Path to “New Normality → 2023+” Invest in People & Core Competences Grounding Restricted- Restart Path to Recovery Normality… Protect the health of its customers and employees New Network Product Novelty Customer Focus Unitand Dynamic network Costs Flexibility capacity management Address Legacy Resi
Slide 13: Recovery plan builds on our strengths
Recovery plan builds on our strengths Strengths Strong Powerful Professional and Extensive Homogenous Brand Names Partnership highly dedicated Network JET Fleet employees Airbus A320 Family Pillars Customer Network and Fleet People and Innovation Sustainability and Services development Organization
Slide 14: Aegean fleet: building on neo core
Aegean fleet: building on neo core Discussions with counterparties continue Flexibility remains in terms of expiring leases Target to increase core NEO fleet by 2022-2023 Pre-delivery payments after significant reduction due to the reprofiling of deliveries pick up as of second half of 2021 Address
Slide 15: 46 neo A320/321 the largest private investment in Greece
46 neo- A320/321 the largest private investment in Greece the new aircraft facilitate the offer of new services to passengers, as well as increased range capabilities for expansion to new destinations and markets. NEO fleet will strengthen AEGEAN’s competitiveness, reduce operating costs and upgrade
Slide 16: Multiple benefits from A320neo fleet
Multiple benefits from A320neo fleet Quality upgrade Improved Range Fuel Savings Financial Benefits Possibilities Aegean’s specific benefits ▪ Increased seat ▪ Operational ▪ The new engine ▪ Re-contracting of capacity per opportunities to option offer min 15% maintenance; Non- aircraft. The new reac
Slide 17: Customer focus
Customer focus 01 Customer centric company always providing a positive customer experience, in a commoditized LCC driven European Short Haul Market. 02 The extra smile and attentiveness of the crew. 03 Catering when almost no one else has it, promoting Greek Products. 04 The Inflight Magazine 17
Slide 18: Product “Offensive”, Sept 2021-Apr 2022
Product “Offensive”, Sept 2021-Apr 2022 New Upgraded Lounges (Thessaloniki, then Athens) New Customer Services Onboard …. October+ Deepening of Loyalty Product with New Partnerships Evolving Upgrade of web site services/look & App Expanded Structure of 2022 Network Re-Accelerated Fleet Renewal Posit
Slide 19: Aegean performance → Recovery
Aegean performance → Recovery Q1-Q2 2021 activity severely restricted up to mid May, < 25% Revenue & Passengers 2019 May-June Digital Green Pass, European Vaccination Matures, Travel Begins to Re-Start Load Factors still very low Q2 2021, 1st cash positive quarter due to summer pre-sales, but still
Slide 20: Demand for travelling continued to be affected in Q2
Demand for travelling continued to be affected in Q2 % change with the respective month in 2019 ASK’s RPK’s 2020 Global Market European Market Global Market European Market January -58,7% -68,7% -72,0% -77,4% February -63,1% -75,0% -74,7% -82,8% March -56,8% -74,1% -67,2% -81,7% April -54,5% -72,0%
Slide 21: … recovery as of June 2021 and continued into August 2021
… recovery as of June 2021 and continued into August 2021 Average recovery in Europe in terms of flights occurs gradually June-August and reaches c-30% (run-rate) by late August 2021 vs 2019; Pan European Load Factors significant lower; Greece outperforms in flight recovery as a result of desirabili
Slide 22: Higher capacity and better load factors recorded
Higher capacity and better load factors recorded Passengers (‘000) 2.135 1.948 1.190 767 328 460 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 % 2019 85% 8% 38% 23% 18% 30% % ch 2020 -78% +263% Available Seats (‘000) 2.855 2.870 2.148 1.359 1.059 700 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 % 2019 92% 15% 48% 34%
Slide 23: Net losses narrowed yoy in Q2 2021
Net losses narrowed yoy in Q2 2021 Revenues (€ mil.) 147,0 155 108,6 73 40 44 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Net Income/Losses (€ mil.) Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 (28,4) (33,9) (40,7) (44,5) (73,4) (85,4) 23
Slide 24: Positive cash flow in Q2 2021 driven by higher pre-sales
Positive cash flow in Q2 2021 driven by higher pre-sales Net Cash Burn/Inflow per quarter (€ mil.). +€78 mil. net cash increase excludes €60 mil. proceeds from share capital increase. Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 78,0 -44,0 -52,0 -64,0 -70,0 -100,0 (amounts in EUR mil.) 24
Slide 25: Group's liquidity position- excluding state aid
Group’s liquidity position- excluding state aid (released in July 2021) Debt (€ mil.) Cash & Cash Equivalents (€ mil.) 545,7 516,9 475,2 478,4 448,5 437,2 437,2 433,3 289,6 238,9 198,7 197,1 FY 2019 Q1 2020 Q2 2020 Q3 2020 FY 2020 H1 2021 FY 2019 Q1 2020 Q2 2020 Q3 2020 FY 2020 H1 2021 • Cash end of
Slide 26: Appendix
Appendix
Slide 27: Working together
Working together An enduring partnership among five groups/partners1: Vassilakis, Laskaridis, Constantakopoulos, Ioannou and David families. Company’s shares are listed in the Athens Stock Exchange since 2007. Rest Free Float 33,8% Vassilakis Family 37,5% Other pre-IPO 6,0% Achilleas Alnesco Enterpr
Slide 28: Aegean at a glance
Aegean at a glance (in EUR mil.) Jan-Mar Jan-Mar Change Apr-Jun Apr-Jun Change Jan-Jun Jan-Jun Change 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)
Slide 29: Group operating figures
Group operating figures Jan-Mar Jan-Mar Jan-Mar Changein Change Apr-Jun Apr- Jun Apr-Jun Apr- Jun Change Change Jan-Jun Jan- Jun Jan-Jun Jan- Jun Change Change 2020 2020 2021 in%% 2020 2020 2021 2021 in in% % 2020 2020 2021 2021 in %in % Capacity ASKs (in mil.) 2.761 869 -68,5% 444 1.805 306,8% 3.20
Slide 30: Profit and Loss Statement
Profit and Loss Statement (in EUR mil.) Jan-Mar Jan-Mar Change Apr-Jun Apr-Jun Change Jan-Jun Jan-Jun Change Jan-Mar Jan-Mar Change in Apr- Jun Apr- Jun Change in Jan- Jun Jan- Jun Change 2020 2021 in % 2020 2021 in % 2020 2021 in % Consolidated results (in EUR mil.) 2020 2021 % 2020 2021 % 2020 202
Slide 31: Balance Sheet Aegean Group
Balance Sheet Aegean Group (in EUR mil.) December June Jan-Jun Jan-Jun (in € mil.) 2020 December 2020 2021 June 2021 2020 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
Slide 32: Cashflow Aegean Group
Cashflow Aegean Group (in EUR mil.) Jan-Jun Jan-Jun Jan-Jun Jan-Jun 2020 2021 2020 2021 Net cash flows from operating activities 14,7 105,3 Net cash flows from investing activities (59,0) (5,1) Net cash flows from financing activities (23,9) (12,9) Net (decrease)/ increase in cash and cash equivalen
Slide 33: Building 57, Athens International Airport, Spata Greece 19019 t. 0030 2103551519
Building 57, Athens International Airport, Spata Greece 19019 t. 0030 2103551519 e. investors@aegeanair.com www.aegeanair.com https://en.about.aegeanair.com/investor-relations 33
Slide 34: Disclaimer
Disclaimer Forward Looking Statements Except for historical information, the statements made or information contained in this presentation are forward-looking in nature. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objecti
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