Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — H1 2020 Earnings Presentation
17 slides from Aegean Airlines Sa's earnings presentation, 2020
Slide 1: 2020 First Half Financial Results Presentation
2020 First Half Financial Results Presentation
Slide 2: Key Highlights
Covid-19 crisis has unprecedented impact on Group’s operating and financial results Q1-20 Q2-20 H1-20 2.135 mil. pax 328 thous. pax 2.463 mil. pax | ↓ 15% yoy | ↓ 92% yoy | ↓ 62% yoy Key Highlights 66 aircraft 64 aircraft 64 aircraft H1-2020 18.758 flights 5.681 flights 24.439 flights | ↓ 6% yoy | ↓
Slide 3: COVID-19 restrictions result to almost zero activity for Q2-20
COVID-19 restrictions result to almost zero activity for Q2-20 Q1-19 Q1-20 YoY % Q2-19 Q2-20 YoY % H1-19 H1-20 YoY % Passengers ('000) 2.525 2.135 -15% 3.926 328 -92% 6.451 2.463 -62% International Passengers ('000) 1.405 1.153 -18% 2.279 85 -96% 3.684 1.238 -66% Domestic Passengers ('000) 1.120 982
Slide 4: Costs evolution – reduction in non flight related costs
Costs evolution – reduction in non flight related costs Q2-19 Q2-20 YoY % Employee benefits -35.90 -11.30 -69% Aircraft fuel -76.40 -7.80 -90% ▪ Ongoing negotiations with all of Aircraft maintenance -48.30 -6.10 -87% our suppliers aiming to adjust the cost and use of services in these Overflight exp
Slide 5: High Operating loss Despite (non flight) Cost Reduction
High Operating loss Despite (non flight ) Cost Reduction Ineffective Hedging (for all 2020!) impacts H1-20 results Q1 Q1 Q2 Q2 H1 % % H2 2020 % 2019 2020 2019 2020 2019 Revenue 172,0 147,0 -15% 347,4 40,4 -88% 519,4 187,4 -64% Opex (185,6) (187,4) (279,8) (57,1) (465,4) (244,5) EBITDA (8,5) (34,1) 7
Slide 6: Q3 "Summer" was limited with a short lived recovery
Q3 “Summer” was limited with a short lived recovery ▪ Activity and traffic evolution YoY. Athens International European Markets Greek Market Airport Aegean Month Flights Passengers Flights Passengers Flights Passengers Flights Passengers Jan-20 0% 2% 0% 5% 1% 5% 8% 11% Feb-20 1% 1% 2% 4% 2% 3% 9% 7%
Slide 7: Outlook continues to be challenging
Outlook continues to be challenging ▪ AEGEAN’s Activity in Q3-20 estimates: Q3-20 e Passengers ('000) 1.945 YoY % change -62% International Passengers ('000) 878 YoY % change -71% Domestic Passengers ('000) 1.067 YoY % change -50% Available Seats 2.856 YoY % change -52% ASK's 2.491 YoY % change -61%
Slide 8: Fleet
Fleet Flexibility/ possibility for Deliveries expected departure/expiring leases 31.12.19 today 9/2020-12/2022 9/2020-12/2022 A 320 ceo family 49 47 -26 A 320 neo family 1 5 + 10 Turboprop 12 12 -2 Total 62 64 + 10 -28 ▪ May 2020 early redelivery of 2 A320 ceo in response to the crisis; ▪ Order for
Slide 9: Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented: “The last seven months have been a constant strife for flexibility, resilience and efforts to develop our viability forward in what is certainly the most difficult period the global airline industry has ever faced. Due to travel restrictions the se
Slide 10: Appendix
Appendix
Slide 11: AEGEAN at a glance
AEGEAN at a glance Jan-Mar Jan-Mar Change Apr- Jun Apr- Jun Change Jan- Jun Jan- Jun Change in Consolidated results (in EUR mil.) 2019 2020 in % 2019 2020 in % 2019 2020 % Revenue 172,0 147,0 -15% 347,4 40,4 -88% 519,4 187,4 -64% EBITDAR -8,4 -33,1 72,0 (14,7) 63,6 (47,7) EBITDA -8,5 -34,1 71,3 (15,
Slide 12: Operating Figures
Operating Figures Jan- Jan- Jan-Mar Jan-Mar Change Apr - Jun Apr- Jun Chang Jun Jun Change 2019 2020 in % 2019 2020 e in % 2019 2020 in % Capacity ASKs (in mil.) 3.015 2.764 -8% 5.099 444 -91% 8.114 3.208 -60,5% Total available seats (000) 3.105 2.856 -8% 4.817 700 -85% 7.922 3.555 -55% Total Block
Slide 13: Profit and Loss Account
Profit and Loss Account Jan-Mar Jan-Mar Change Apr- Jun Apr- Jun Change Jan- Jun Jan- Jun Change Consolidated results (in EUR mil.) 2019 2020 in % 2019 2020 in % 2019 2020 in % Revenue Scheduled Services 144,0 123,5 -14% 289,2 32,0 -89% 433,3 155,6 -64% Charter 5,6 2,8 -49% 23,8 0,4 -98% 29,3 3,2 -8
Slide 14: Balance Sheet
Balance Sheet (in EUR mil.) December 2019 June 2020 Total Fixed Assets 618,0 763,3 Cash & Cash Equivalents 505,1 436,6 Financial Assets Available for Sale 11,8 11,9 Other Current Assets 198,6 160,2 Total Assets 1.333,4 1.372,0 Total Equity 328,4 130,0 Lease Liabilities 343,2 406,8 Loans 198,7 239,0
Slide 15: Cash Flow
Cash Flow (in EUR mil.) Jan – Jun 2019 Jan – Jun 2020 Net cash flows from operating activities 244 14,7 Net cash flows from investing activities (9,6) (59,0) Net cash flows from financing activities 80,9 (23,9) Net (decrease)/ increase in cash and cash equivalents 315,4 (68,2) Cash at the beginning
Slide 16: Thank you
THANK YOU A STAR ALLIANCE MEMBER YY
Slide 17: Thank you
+ AEGEAN A A STAR ALLIANCE MEMBER %5~