Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Aegean Airlines Ord — Q2 2023 Earnings Presentation
21 slides from Aegean Airlines Sa's earnings presentation, Sep 7, 2023
Slide 1: Q2 2023 and H1 2023 Financial Results Presentation
Q2 2023 and H1 2023 Financial Results Presentation September 2023
Slide 2: Strong revenue and profitability in Q2 2023, driven by strong demand
Strong revenue and profitability in Q2 2023, driven by strong demand RPKs (in ‘000) ASKs (in mil.) Passengers (in ‘000) Load Factor ↑| 5% 4.411 ↑| 5% 5.363 4.187 5.099 ↑| 0,5 p.p. 3.386 4.301 ↑| 5% 4.123 82,6% 3.927 82,1% 79,2% 3.228 ↑| 30% ↑| 25% ↑| 28% ↑| 3,4p.p. Q2-19 Q2-22 Q2-23 Q2-19 Q2-22 Q2-2
Slide 3: Leading to profits in H1 2023 period
Leading to profits in H1 2023 period RPKs (in ‘000) ASKs (in mil.) Passengers (in ‘000) Load Factor ↑| 7% 7.126 8.703 ↑| 7% 6.669 8.114 6.512 ↑| 4% 6.704 82,2% 82,2% 4.841 6.452 74,5% 4.730 ↑| 47% ↑| 34% ↑| 7,6 p.p. ↑| 42% H1-19 H1-22 H1-23 H1-19 H1-22 H1-23 H1-19 H1-22 H1-23 H1-19 H1-22 H1-23 Reven
Slide 4: Market continues to grow - AEGEAN growing ahead of market
Market continues to grow - AEGEAN growing ahead of market Total Traffic of Greek Airports Airports under Fraport Athens International Airport AEGEAN Hellenic Civil Aviation Authority management 2023 as a % Flights Passengers Flights Passengers Flights Passengers Flights Passengers of 2022 % change %
Slide 5: Fleet upgrade, extensive network and continuous customer focus drives passenger growth
Fleet upgrade, extensive network and continuous customer focus drives passenger growth Total Passengers (in ‘000) Domestic Passengers (in ‘000) International Passengers (in ‘000) 4.123 2.436 1.687 3.228 1.394 1.834 ↑| 28% ↑| 21% ↑| 33% Q2-22 Q2-23 Q2-22 Q2-23 Q2-22 Q2-23 Total Passengers (in ‘000) D
Slide 6: Strong Q2 operating margin driven by yields and cost discipline
Strong Q2 operating margin driven by yields and cost discipline despite high inflationary environment % change % change % change % change (in € mil.) Q2 2023 Q2 2023 H1 2019 H1 2022 H1 2023 '23/'19 '23/'22 '23/'19 '23/'22 Total Revenue 327,3 449,1 29% 37% 519,4 448,1 678,1 31% 51% EBITDA 53,8 120,2
Slide 7: Strong cash flow enabled accelerated debt reduction
Strong cash flow enabled accelerated debt reduction Cash & Cash Equivalents Debt (€ mil.) (€ mil.) 726,2 516,9 527,9 268,2 222,0 198,7 FY 2019 FY 2022 H1 2023 FY 2019 FY 2022 H1 2023 (amounts in EUR mil.) FY 2019 FY 2022 H1 2023 Cash and Cash Equivalents1 517 528 726 Debt2 199 268 222 Leases (IFRS 1
Slide 8: Repayment of debt obligations and increase in unencumbered aircraft ownership
Repayment of debt obligations and increase in unencumbered aircraft ownership -During H1-23, AEGEAN proceeded with the full repayment of loans drawn during the pandemic (€68,5 mil.). -AEGEAN fully repaid a finance lease contracted in 2020 for an A321 neo aircraft, while one new A320neo aircraft deli
Slide 9: Cash Flow Bridge
Cash Flow Bridge Amounts in € mil. *Pdps: Pre-Delivery payments 9
Slide 10: AEGEAN's Fleet development
AEGEAN’s Fleet development • NEO core fleet to provide significant cost benefits • In H1 2023, the Group took delivery of 7 new Airbus A320 neo family aircraft; Two additional aircraft were delivered in Q3 2023. • Turboprop fleet; shift to ATR 72/42s to contribute to fleet optimization Today A/C AIR
Slide 11: Outlook Expecting a strong summer season
Outlook Expecting a strong summer season • For the full year, the Group plans to offer a total of 18 million seats, with 11 million international seats, 2 million more compared to 2022. Network is expected to cover 46 countries to 165 destinations out if its 10 bases with a fleet of 76 aircraft. • I
Slide 12: Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented: “Our performance in H1 2023 confirmed the consistent implementation of our targets in an environment of strong demand and intense competition. We are presenting exceptionally strong results stemming from network expansion and increased capacity fol
Slide 13: Appendix
Appendix
Slide 14: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty Hedging rate % Year Jet Fuel 2023 60% 2024 27% Hedging rate % Year US dollars* 2023 58% 2024 49% Notes: Including cashflow and non cashflow hedges as % of total USD expenses 14
Slide 15: AEGEAN at a glance
AEGEAN at a glance Second Quarter Second Quarter First Half First Half (in € mil.) 2022 2023 % change 2022 2023 % change Revenue 327,3 449,1 37% 448,1 678,1 51% EBITDA 53,8 120,2 123% 37,7 139,5 270% Pre-tax earnings/(Loss) 17,7 67,3 280% (30,6) 48,7 - Net earnings/(Loss) 10,8 51,5 376% (27,7) 37,1
Slide 16: Profit and Loss Account - H1
Profit and Loss Account - H1 Second Quarter Second Quarter % First Half First Half % (in € mil.) 2022 2023 change 2022 2023 change Scheduled Services 277,8 381,8 37% 379,3 581,7 53% Charter 19,0 26,9 42% 21,6 29,4 36% Other 30,5 40,4 32% 47,2 67,0 42% Total Revenue 327,3 449,1 37% 448,1 678,1 51% Ot
Slide 17: Operational expenses – CASK breakdown
Operational expenses – CASK breakdown First Half First Half First Half % change (€ cents.) 2019 2022 2023 23/22 ASKs 8.114 6.512 8.703 34% Employee benefits 0,83 0,79 0,86 9% Aircraft fuel 1,47 1,86 1,77 -5% Depreciation 0,89 0,92 0,83 -10% Aircraft maintenance 0,96 0,86 0,85 -1% Overflight expenses
Slide 18: Operational expenses – CASK breakdown
Operational expenses – CASK breakdown Second Second Second % change (€ cents.) Quarter 2019 Quarter 2022 Quarter 2023 23/22 ASKs 5.099 4.301 5.363 25% Employee benefits 0,70 0,68 0,83 23% Aircraft fuel 1,50 2,06 1,70 -17% Depreciation 0,72 0,68 0,71 4% Aircraft maintenance 0,95 0,85 0,95 12% Overfli
Slide 19: Balance Sheet Aegean Group
Balance Sheet Aegean Group (in € mil.) 31.12.2022 31.06.2023 Total Fixed Assets 1.203,3 1.435,2 Cash & Cash Equivalents 463,7 546,4 Financial Assets Available for Sale 64,2 179,8 Other Current Assets 289,2 308,1 Total Assets 2.020,4 2.469,6 Total Equity 348,1 363,7 Lease Liabilities 737,3 889,5 Loan
Slide 20: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary (in € mil.) 30.06.2022 30.06.2023 Net cash flows from operating activities 257,7 356,2 Net cash flows from investing activities (68,9) (92,4) Net cash flows from financing activities (79,6) (61,3) Net (decrease)/ increase in cash and cash equivalents 109,1 202,5 Cash
Slide 21: Group Operating Figures
Group Operating Figures Second Second Quarter First Half First Half % change % change Quarter 2022 2023 2022 2023 Capacity ASKs (in millions) 4.301 5.363 25% 6.512 8.703 34% Total available seats (000) 4.125 5.016 22% 6.438 8.252 28% Total Block Hours 44.097 53.998 22% 67.445 87.781 30% Total Sector