Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Q2 2022 / H1 2022 Earnings Presentation
20 slides from Aegean Airlines Sa's earnings presentation, September 2022
Slide 1: Second Quarter and First Half 2022 Financial Results Presentation
Second Quarter and First Half 2022 Financial Results Presentation September 2022
Slide 2: Strong recovery of operational activity and profitability in Q2-22
Strong recovery of operational activity and profitability in Q2-22 Available Seats (in ‘000) Passengers (in ‘000) Load Factor 6.000 5.000 100% 4.817 79% 5.000 3.927 82% 4.125 4.000 80% 4.000 3.228 56% 3.000 60% 3.000 2.148 2.000 40% 2.000 1.190 1.000 1.000 20% 0 0 0% Q2-19 Q2-21 Q2-22 Q2-19 Q2-21 Q2
Slide 3: Q2 2022 Financial Highlights
Q2 2022 Financial Highlights • First profitable second quarter since COVID start, due to travel recovery and easing of travel restrictions; • Consolidated revenues at €327 mil. in Q2-22 with pre-tax profit at €17,7mil., 3 times higher than Q2-22; • Highest recovery rates among EU peers at 86% on ava
Slide 4: Revitalized demand boosted airlines recovery
Revitalized demand boosted airlines recovery -The degree of the recovery in passenger traffic was fueled by: -The pent up demand for travelling, -The easing of travel restrictions, -Low unemployment rates -Increase in savings; -European market remains one of the strongest performers; -Intra-European
Slide 5: Greece: dynamic start for the summer season
Greece: dynamic start for the summer season Domestic Passengers traffic in Greece in all International Passengers Traffic in Greece in all 8.000.000 airports airports 7.000.000 2.000.000 6.000.000 1.500.000 5.000.000 4.000.000 1.000.000 3.000.000 2.000.000 500.000 1.000.000 0 0 Jan. Feb. Mar. Apr. M
Slide 6: AEGEAN’s activity in the pandemic vs 2019 activity
AEGEAN’s activity in the pandemic vs 2019 activity 100% 90% 90% 84% 80% 78% 80% 89% 82% 70% 73% 60% 68% 50% 40% 30% 20% 10% 0% Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Pax Flights -Despite a slow start of the year d
Slide 7: Selected operating data
Selected operating data 1st 1st 2nd 2nd 1st half 1st half quarter quarter % quarter quarter % % 2021 2022 2021 2022 2021 2022 Passengers ('000) 460 1.502 227% 1.190 3.228 171% 1.650 4.730 187% Domestic Passengers ('000) 251 717 186% 667 1.394 109% 918 2.111 130% International Passengers ('000) 209 7
Slide 8: Profitable second quarter
Profitable second quarter -A significant increase of 201% in revenues in Q2 2022 as a result of the significant increase in capacity offered & the improvement in revenue per flight; -Fuel price in Q2 2022 was 120% higher than Q2 2019. Part of fuel cost increase was offset by hedging. Second Second F
Slide 9: Key performance indicators
Key performance indicators RPKs (in mil.) ASKs (in mil.) 8.000 9.000 6.669 8.114 7.000 8.000 7.000 6.512 -Yields increased by 6.000 5.000 4.841 6.000 5.000 21% in H1-22 compared 4.000 3.000 4.000 3.000 2.673 with 2019. 1.404 2.000 2.000 1.000 1.000 - Load factor, 23 p.p. 0 0 H1-19 H1-21 H1-22 H1-19
Slide 10: Operational expenses – CASK breakdown
Operational expenses – CASK breakdown H1-2019 H1-2021 H1-2022 ASK’s 8.144 2.673 6.512 Employee benefits 0,83 0,96 0,79 Aircraft fuel 1,47 1,06 1,86 Depreciation 0,89 2,43 0,92 Aircraft maintenance 0,96 1,11 0,86 Overflight expenses 0,39 0,36 0,40 Ground handling expenses 0,39 0,49 0,44 Airport charg
Slide 11: AEGEAN liquidity position
AEGEAN liquidity position Cash & Cash Equivalents (€ mil.) Debt (€ mil.) 602,1 516,9 474,4 346,2 347,1 198,7 FY 2019 FY 2021 H1 2022 FY 2019 FY 2021 H1 2022 (amounts in EUR mil.) FY 2019 FY 2021 H1 2022 Cash and Cash Equivalents1 517 474 602 Debt 199 346 3473 Leases (IFRS 16) 343 414 553 Net Debt/ (
Slide 12: Aegean Fleet development
Aegean Fleet development • Flexibility remains key in current environment • NEO core fleet to provide significant cost benefits • Turboprop fleet; shift to ATR 72/42s to contribute to fleet optimization Today A/C AIRBUS NEO 16 AIRBUS CEO 38 Turboprop 14 Τotal 68 Dec Aircraft 2022 2023 2024 2025 2026
Slide 13: Summer season 2022
Summer season 2022 Mediterranean tourism markets, including Greece, are recording high performance in tourism. In the two months July and August, available capacity in direct flights to Greece, particularly to island destinations exceeded the corresponding figure in 2019. AEGEAN, invested by expandi
Slide 14: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty. Hedging rate % Year Jet Fuel 2022 53% 2023 24% Hedging rate % Year US dollars* 2022 41% 2023 38% 14
Slide 15: Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented: “After two challenging years, it is a fact that revitalized demand, especially strong to Greece, supported traffic recovery. AEGEAN, following additional A320neo deliveries, invested by expanding its network from its main hub in Athens, but also fr
Slide 16: Aegean at a glance
Aegean at a glance Second Second First Half First Half (in € mil.) Quarter 2021 Quarter 2022 % 2021 2022 % Revenue 108,6 327,3 201% 152,8 448,1 193% EBITDA 3,9 53,8 1264% (10,1) 37,7 - Pre-tax earnings/(Loss) (34,8) 17,7 - (91,8) (30,6) - Net earnings/(Loss) (33,9) 10,8 - (78,4) (27,7) - Total passe
Slide 17: Profit and Loss Account
Profit and Loss Account Second Second First Half First Half (in € mil.) Quarter 2021 Quarter 2022 % 2021 2022 % Scheduled Services 89,2 277,8 211% 123,2 379,3 208% Charter 5,4 19,0 251% 7,8 21,6 177% Other 13,9 30,5 119% 21,9 47,2 116% Total Revenue 108,6 327,3 201% 152,8 448,1 193% Other operating
Slide 18: Balance Sheet Aegean Group
Balance Sheet Aegean Group December June (in € mil.) 2021 2022 Total Fixed Assets 814,3 997,6 Cash & Cash Equivalents1 462,1 579,6 Financial Assets Available for Sale 12,3 22,5 Other Current Assets 251,7 438,5 Total Assets 1.540,4 2.038,2 Total Equity 213,6 259,0 Lease Liabilities 414,2 553,3 Loans
Slide 19: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary (in € mil.) Jan-Jun 2021 Jan-Jun 2022 Net cash flows from operating activities 105,3 257,7 Net cash flows from investing activities (5,1) (79,2) Net cash flows from financing activities (12,9) (79,6) Net (decrease)/ increase in cash and cash equivalents 87,3 98,9 Cas
Slide 20: Group Operating Figures
Group Operating Figures Second Second Quarter Quarter First Half First Half 2021 2022 % 2021 2022 % Capacity ASKs (in millions) 1.805 4.301 138% 2.673 6.512 144% Total available seats (000) 2.148 4.125 92% 3.208 6.438 101% Total Block Hours 20.268 44.097 118% 30.590 67.445 120% Total Sectors Flown 1
Aegean Airlines — Q2 2022 / H1 2022 Earnings Presentation on 6ix