Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Q1 2023 Earnings Presentation
19 slides from Aegean Airlines Sa's earnings presentation, May 2023
Slide 1: First Quarter 2023 Trading Update Presentation
First Quarter 2023 Trading Update Presentation May 2023
Slide 2: Q1-23 Highlights
Q1-23 Highlights • €229,1 mil. Consolidated Revenue, +90% vs Q1-22 and +33% vs Q1-19. • 2,6 mil. passengers, +72% compared with Q1-22, +98% international passengers growth. • Positive EBITDA of €19,3 mil., from respective losses of €16,1 mil. in Q1-22. • €14,4 mil. after-tax loss from €38,5 mil. aft
Slide 3: Significant improvement in AEGEAN's performance
Significant improvement in AEGEAN’s performance; Positive EBITDA for the first time in the seasonally weak first quarter and substantially lower after tax losses Load Factor ASKs (in mil.) Passengers (in ‘000) 100% 4.000 3.000 82% 2.525 2.581 82% 3.500 3.340 80% 3.105 2.500 66% 3.000 2.000 60% 2.500
Slide 4: Improved AEGEAN's competitiveness in the post pandemic market
Improved AEGEAN’s competitiveness in the post pandemic market - Losses more than halved due to strong customer demand and fleet upgrade - Q1-23 ASK growth of 11% vs Q1-19 with Revenues +33% due to strong customer demand, driving higher unit revenues in the seasonally weak winter period % chg (in € m
Slide 5: Significant cost benefits from the evolution of fleet upgrade and capacity growth
Significant cost benefits from the evolution of fleet upgrade and capacity growth Q1 2019 Q1 2022 Q1 2023 ASKs 3.015 2.211 3.340 (€ cents.) Employee benefits 1,05 1,00 0,91 Aircraft fuel 1,42 1,48 1,88 Aircraft maintenance 0,99 0,88 0,70 Overflight expenses 0,39 0,41 0,38 Ground handling expenses 0,
Slide 6: Strong operating cash flow driven by strong pre-sales allow for further deleveraging
Strong operating cash flow driven by strong pre-sales allow for further deleveraging Cash & Cash Equivalents Debt (€ mil.) (€ mil.) 591,0 517,0 528,0 268,0 199,0 198,0 FY 2019 FY 2022 Q1 2023 FY 2019 FY 2022 Q1 2023 (amounts in EUR mil.) FY 2019 FY 2022 Q1 2023 Cash and Cash Equivalents1 517 528 591
Slide 7: Fleet Modernization ongoing Driving Efficiency and Elevating Product Quality
Fleet Modernization ongoing Driving Efficiency and Elevating Product Quality offer new services to passengers, increased range capabilities for expansion to new destinations and markets, strengthen AEGEAN’s competitiveness, reduce operating costs and upgrade the quality of services offered. 46 42 35
Slide 8: Driving Efficiency
Driving Efficiency Summer Scale Fleet 31.12.2022 2023 Elevated onboard product, younger fleet offering Jets improved customer experience and services, new configuration, improved engines, lower operating NEO 19 27 Benefits of Fleet and maintenance costs CEO 36 34 Transformation Total jets 55 61 Flex
Slide 9: Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented: “We are very pleased with Q1 performance, in the seasonally weakest period of the year, as a result of robust demand but also improved AEGEAN’s competitiveness in the post pandemic market. Once again, we supported the extension of the tourism seaso
Slide 10: AEGEAN is investing in innovation and in product development
AEGEAN is investing in innovation and in product development Strengthening our Brand Investment in customer experience Delivery of high-quality services New product offerings Targeting new growth opportunities Offering catering services Investing in innovation Loyalty program Continuous improvement
Slide 11: Outlook
Outlook • Strong summer ticket sales; • Strong high-end demand for Greece; premium quality product offering • New destinations and introduce every month new product offerings and targeted services across all travel ribbon, to offer to our passengers the option to enhance their travel experience and
Slide 12: Summer '23 network: 18 mil. available seats, 16 new destinations
Summer ’23 18 mil. available seats 46 Countries 161 Destinations 11 mil. seats in the international network 264 Routes 16 new scheduled Destinations Birmingham – UK Split – Croatia Bristol – UK Sevilla – Spain Bratislava – Slovakia Newcastle – UK Dammam – Saudi Arabia Marrakech – Morocco Baku – Azer
Slide 13: Appendix
Appendix
Slide 14: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty. Hedging rate % Jet Fuel 2023 62% 2024 21% Hedging rate % US dollars* 2023 56% 2024 40% *Including cashflow and non cashflow hedges as % of total USD expenses 14
Slide 15: AEGEAN at a glance
AEGEAN at a glance (in € mil.) Q1 2022 Q1 2023 % change Revenue 120,8 229,1 90% EBITDA (16,1) 19,3 - Pre-tax earnings/(Loss) (48,3) (18,6) - Net earnings/(Loss) (38,5) (14,4) - Total passengers (In thousands) 1.502 2.581 72% Average passengers per flight 99 126 27% Load factor - Scheduled services 6
Slide 16: Profit and Loss Account
Profit and Loss Account (in € mil.) Q1 2022 Q1 2023 % change Scheduled Services 101,6 200,0 97% Charter 2,54 2,46 -3% Other 16,7 26,6 60% Total Revenue 120,8 229,1 90% Other operating income 6,8 7,9 16% Employee benefits (22,2) (30,5) 37% Aircraft fuel (32,7) (62,8) 92% Aircraft maintenance (19,5) (
Slide 17: Balance Sheet Aegean Group
Balance Sheet Aegean Group (in € mil.) 31.12.2022 31.03.2023 Total Fixed Assets 1.203,3 1.319,1 Cash & Cash Equivalents1 463,7 497,5 Financial Assets Available for Sale2 64,2 93,6 Other Current Assets 289,2 280,3 Total Assets 2.020,4 2.190,5 Total Equity 348,1 312,6 Lease Liabilities 737,3 812,6 Loa
Slide 18: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary (in € mil.) 31.03.2022 31.03.2023 Net cash flows from operating activities 42,7 138,6 Net cash flows from investing activities (28,5) (3,7) Net cash flows from financing activities (41,4) (74,9) Net (decrease)/ increase in cash and cash equivalents (27,2) 59,9 Cash a
Slide 19: Group Operating Figures
Group Operating Figures Q1 2022 Q1 2023 % change Capacity ASKs (in millions) 2.211 3.340 51% Total available seats (000) 2.313 3.236 40% Total Block Hours 23.347 33.783 45% Total Sectors Flown 15.104 20.446 35% Average capacity per flight 153 158 3% Average sector length (km) 829 891 7% Passengers (