Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Aegean Airlines Ord — Q4 2023 Earnings Presentation
19 slides from Aegean Airlines Sa's earnings presentation, Mar 13, 2024
Slide 1: FY 2023 and Q4 2023 Financial Results Presentation
FY 2023 and Q4 2023 Financial Results Presentation March 2024
Slide 2: Milestones
MILESTONES • Revenues 27% higher driven by network expansion, significant capacity investment and higher load factors. • Efficient and competitive cost structure. • €246,8 mil. EBIT, 68% higher than 2022 and a margin of 14,6%. • €168,7 mil. Net Profit, 58% higher compared to 2022. • €709,3 mil. Cash
Slide 3: Strong year driven by higher capacity, increased load factor and higher RASK
Strong year driven by higher capacity, increased load factor and higher RASK RPKs (in mil.) ASKs (in mil.) Passengers (in ‘000) Load Factor 16.965 20.434 15.768 18.596 15.695 14.992 84,8% 83,4% 16.744 79,8% 13.327 12.465 FY-19 FY-22 FY-23 FY-19 FY-22 FY-23 FY-19 FY-22 FY-23 FY-19 FY-22 FY-23 ↑| 27%
Slide 4: Market continues to grow, AEGEAN is growing ahead of market
Market continues to grow, AEGEAN is growing ahead of market Greek Airports Athens International Airport Civil Aviation Authority % change Flights Passengers Flights Passengers 2023/2022 Domestic International Domestic International Domestic International Domestic International 1st quarter 13% 31% 40
Slide 5: Network expansion to new destinations, significant capacity investment and strong passenger traffic
Network expansion to new destinations, significant capacity investment and strong passenger traffic Total Passengers (in ‘000) Domestic Passengers (in ‘000) International Passengers (in ‘000) 3.518 2.137 3.069 1.883 1.381 1.186 Q4-22 Q4-23 Q4-22 Q4-23 Q4-22 Q4-23 ↑| 15% ↑| 16% ↑| 13% Total Passenger
Slide 6: Record profitability with one of the best set of results in our sector
Record profitability with one of the best set of results in our sector EBITDA Margin EBIT Margin EBT Margin 14,6% 23,6% 12,7% 20,6% 20,6% 11,0% 10,6% 9,4% 8,2% FY-19 FY-22 FY-23 FY-19 FY-22 FY-23 FY-19 FY-22 FY-23 Key financial and operating metrics as a percentage of the corresponding results for t
Slide 7: Balance sheet strengthening
Balance sheet strengthening Cash & Cash Equivalents Debt (€ mil.) (€ mil.) 709,3 268,2 220,3 516,9 527,9 198,7 FY 2019 FY 2022 FY 2023 FY 2019 FY 2022 FY 2023 (amounts in EUR mil.) FY 2019 FY 2022 FY 2023 Cash and Cash Equivalents1 517 528 709 Debt2 199 268 220 Leases (IFRS 16) 343 737 901 Net Debt/
Slide 8: Cash Flow Bridge
Cash Flow Bridge Amounts in € mil. *Pdps: Pre-Delivery payments 8
Slide 9: Fleet Program Driving Efficiency / Quality
Fleet Program Driving Efficiency / Quality 28 A320/321 NEO aircraft received + 22 aircraft pending mostly A321 NEO! 77 aircraft Fleet Evolution Deliveries Total 28 34 2019 1 A320 neo family A320 ceo family 2020 7 16 12 29 5 2021 1 A320 neo A321 neo A320 ceo A321 ceo 2022 10 2023 9 2024 5 2025 5 2026
Slide 10: CEO commentary
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented: “AEGEAN delivered strong growth of its activity, passenger traffic and profitability, recording one of the best set of results in the sector, within an environment of strong demand but also intense competition, high interest rates as well as higher
Slide 11: Outlook
Outlook • In 2024, the Group plans to expand its operations mainly from its Athens base, adding more frequencies in existing routes mainly to the United Kingdom, Germany, Portugal, Croatia, Italy, Spain and UA Emirates, adding 7% more seats compared to 2023. A similar capacity growth is expected in
Slide 12: Appendix
Appendix
Slide 13: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty Hedging rate % Year Jet Fuel 2024 53% 2025 17% Hedging rate % Year US dollars* 2024 51% 2025 27% Note: Including cashflow and non cashflow hedges as % of total USD expenses 13
Slide 14: AEGEAN at a glance
AEGEAN at a glance Fourth Quarter Fourth Quarter % (in € mil.) Full Year 2022 Full Year 2023 % change 2022 2023 change Revenue 317,4 361,4 14% 1.336,8 1.693,1 27% EBITDA 39,4 33,0 -16% 274,9 400,4 46% EBIT 5,1 (6,9) - 147,3 246,8 68% Pre-tax Profit/(Loss) 19,9 (2,6) - 141,3 214,8 52% Net Profit/(Los
Slide 15: Profit and Loss Account
Profit and Loss Account Full Year Full Year (in € mil.) Fourth Quarter 2022 Fourth Quarter 2023 % change % change 2022 2023 Scheduled Services 269,4 309,5 15% 1138,3 1442,6 27% Charter 14,6 17,8 22% 70,0 93,8 34% Other 33,4 34,2 2% 128,5 156,7 22% Total Revenue 317,4 361,4 14% 1.336,8 1.693,1 27% Ot
Slide 16: Operational expenses – CASK breakdown
Operational expenses – CASK breakdown Full Year Full Year Full Year % change (€ cents.) 2019 2022 2023 23/22 ASKs 18.596 16.744 20.434 22% Employee benefits 0,75 0,80 0,89 12% Aircraft fuel 1,51 2,02 1,84 -9% Depreciation 0,78 0,76 0,75 -1% Aircraft maintenance 0,98 0,84 0,83 -1% Overflight expenses
Slide 17: Balance Sheet Aegean Group
Balance Sheet Aegean Group (in € mil.) 31.12.2022 31.12.2023 Tangible assets 281,8 393,8 Right of use assets 745,8 915,8 Other non current assets 175,7 165,0 Total non current assets 1.203,3 1.474,5 Cash & Cash Equivalents1,3 462,8 576,2 Financial Assets Available for Sale2 64,2 133,1 Other Current
Slide 18: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary (in € mil.) 31.12.2022 31.12.2023 Net cash inflows/(outflows) from operating activities 342,5 433,1 Net cash inflows/(outflows) from investing activities (122,2) (150,9) Net cash inflows/(outflows) from financing activities (162,2) (92,1) Net (decrease)/ increase in
Slide 19: Group Operating Figures
Group Operating Figures Fourth Quarter Fourth Quarter Full Year Full Year % change % change 2022 2023 2022 2023 Capacity ASKs (in millions) 4.096 4.762 16% 16.744 20.434 22% Total available seats (‘000) 3.808 4.290 13% 15.803 18.930 20% Total Block Hours 40.760 47.318 16% 173.914 204.894 18% Total S