Aegean Airlines SA · ATHEX:AEGN
Aegean Airlines SA — Investor Presentation (May 2021)
31 slides from Aegean Airlines SA's investor presentation, May 2021
Slide 1: Corporate Presentation
Corporate Presentation May 2021
Slide 2: 2020 was the most difficult year in aviation and Aegean's history
2020 was certainly the most difficult year in aviation and Aegean’s history Flights Available Seats Passengers 54.404 | ↓ 53% yoy 7.783 | ↓ 56% yoy 5 mil. passengers | from 15 mil. in 2020 Aircraft ASKs 67 -> 55 jets 7.194 mil. | ↓ 61% yoy 12 turboprop Consolidated Revenues Load Factor Liquidity 415
Slide 3: Passenger traffic April-December 2020 recorded an 84% reduction in Europe
Passenger traffic during the period April- December 2020 recorded an 84% reduction in Europe Monthly % change on Sector Flown and Passenger Traffic European Airports Greek Market Athens International (ACI) (YPA) Airport AEGEAN Flights % Passengers Flights Passengers Flights % Passengers Flights Pass
Slide 4: Group's operating and financial results were hit by the pandemic
Group’s operating and financial results were hit by the pandemic Financial Results Q1-19 Q1-20 YoY % Q2-19 Q2-20 YoY % Q3-19 Q3-20 YoY % Q4-19 Q4-20 YoY % Revenue 172 147 -15% 347,4 40,4 -88% 512,5 155,1 -70% 276,9 72,6 -74% Opex -185,6 -187,4 1% -279,8 -57,1 -80% -344,5 -152,5 -56% 238,3 90,3 -62%
Slide 5: Actions adapted to manage the unprecedented crisis
Actions adapted to manage the unprecedented crisis • Cooperation with Greek and Foreign Authorities for the formation of the necessary procedures to protect the health Protect the health of its customers of its passengers and employees; 01 and employees • Consolidation of the operations facilities f
Slide 6: Group's Liquidity Position
Group’s Liquidity Position Cash & Cash Equivalents (€ mil.) Debt (€ mil.) 516,9 475,2 478,4 448,5 433,3 437,2 289,6 238,9 198,7 197,1 FY 2019 Q1 2020 Q2 2020 Q3 2020 FY 2020 FY 2019 Q1 2020 Q2 2020 Q3 2020 FY 2020 • In the beginning of this crisis, as in all previous years, the Group had a strong li
Slide 7: Managing liquidity – Last quarter affected by new lockdowns
Managing liquidity – Last quarter affected by new lockdowns Q1-20 Q2-20 Q3-20 Q4-20 Cash Burn per quarter (€ mil.) -44,0 -64,0 -70,0 91% -100,0 ASK’s as a % of 40% 2019 30% 6% Q1-20 Q2-20 Q3-20 Q4-20 40 20 Key Items 0 19 -3 (€ mil.) -20 -26 -30 -33 -9 -40 -5 -5 -4 -88 -32 -60 -26 -4 -80 -100 -9 Hedg
Slide 8: Net Debt
Net Debt FY 2019 FY 2020 Cash and Cash Equivalents 517 479 Debt 199 437 Leases (IFRS 16) 343 425 NetDebt/ (Cash) inc. leases 25 384 NetDebt/ (Cash) exc. leases -318,1 -41,3 (amounts in EUR mil.) • Net debt (including leases IFRS 16) stood at €383,9 mil. from €25,1 mil. in 2019, due to new financing
Slide 9: State Aid and Share Capital Increase
State Aid and Share Capital Increase • Given the duration and the intensity of the crisis and the significant state aid support to airlines in other countries, the formation of special framework for specific state support to the Company was deemed necessary. • The Company for the first time has requ
Slide 10: Capacity and Fleet
Capacity and Fleet • Maintain the order for the 46 A320 neo family aircraft, delivering the first 8 aircraft during the pandemic outbreak, while managing to stretch the upcoming deliveries until 2026; • A320ceo aircraft redeliveries (2 in Q2-20 and 4 by May 2021); • In May the Company will deliver i
Slide 11: Together, with care New travel experience
Together, with care New travel experience Adjust travel • The safety of our passengers and personnel is always our top priority; experience • In order to deliver a safe and clean travel experience, we closely monitor the latest health throughout the developments and regularly review and enhance our
Slide 12: Support State's efforts to manage the crisis
Support State’s efforts to manage the crisis Actions 15 free of charge international cargo flights to Greece and Cyprus and 25 for the transport of 70 tons of medical supplies 12 free of charge and 100 special return flights, for the repatriation of 15,000 citizens to Greece and Cyprus 48,000 approx
Slide 13: Capacity build up planned from mid-June 2021
Capacity build up planned from mid-June 2021 • 2021 started with the same extremely difficult and uncertain conditions, due to the virus outbreaks as well as the mutations of the virus that continue to pressure National health systems in all countries. • These unfavorable conditions prevent the lift
Slide 14: Wider Greek region
Wider Greek region 2021 Schedule Regional Bases Aircraft per base Connectivity Thessaloniki 4 Germany, France, Montenegro, Russia, Israel, Poland, Armenia, Croatia, • 33 new direct routes, from the airline’s bases in Switzerland, Cyprus, United Thessaloniki, Heraklion, Rhodes, Chania; Kingdom, Slova
Slide 15: Recovery plan builds on our strengths
Recovery plan builds on our strengths Strengths Strong Powerful Professional and highly Extensive Homogenous Brand Names Partnership dedicated employees Network JET Fleet Airbus A320 Family Pillars Customer Network and Fleet People and Innovation Sustainability and Services development Organization
Slide 16: More than 21 years of experience
More than 21 years of experience 2020 Delivery of 8 Α320 neo 1999 2003 2007 2011 2018 family aircraft. Launch scheduled First profitable year Listing in Athens International traffic Airbus order of up to flights; pre-tax basis; Exchange, raising exceeds domestic 42x A320neo aircraft. Domestic market
Slide 17: Proven track record of growth prior the pandemic
Proven track record of growth prior the pandemic 83,2% 83,9% 84,8% Load Factor Evolution 78,3% 78,3% 76,9% 77,4% 74,3% 68,1% 68,9% Available Seats Kilometers 17,2 18,6 16,4 16,7 14,7 12,2 9,8 10,7 8,3 9,1 15,0 14,0 13,2 12,5 11,6 Passenger Evolution (in mil.) 10,1 Domestic International Olympic 8,8
Slide 18: Consistent profitability
Consistent profitability Revenues (€ mil.) 2016 ↑| 11% 2017 ↑| 5% 2018 ↑| 10% 2019 1.308,8 Revenue mix 75% 10% 2017 6% 76% 84% 2018 77% 2019 2019 International Domestic Scheduled Services Charter Ancillary Revenue
Slide 19: Modernized Fleet
MODERNIZED FLEET The investment in new technology aircraft is expected to strengthen AEGEAN’s competitiveness, to reduce operating costs and to upgrade the quality of services offered
Slide 20: Multiple benefits from A320 neo fleet
Multiple benefits from A320 neo fleet Quality upgrade Improved Range Fuel Savings Financial Benefits Possibilities Aegean’s specific benefits ▪ Increased seat capacity ▪ Operational ▪ The new engine option ▪ Re-contracting of per aircraft. The new opportunities to reach offer min 15% fuel maintenanc
Slide 21: Market evolution
Market evolution Bases Domestic Network 39 Greek airports but 1 metropolis Traffic Number of Main in pax Airports Airports >20m 1 Athens >6m 2 Thessaloniki, Heraklion Rhodes, Corfu, Chania, 1-6m 7 Kos, Santorini Zakynthos, Mykonos 200k-800k 11 - <200k 18 - Total 39 - 30 60 Passengers AIA (in mil.) P
Slide 22: Appendix
Appendix +> AEGEAN A STAR ALLIANCE MEMBER ‘wz
Slide 23: Working together
Working together ❑ An enduring partnership among five groups/partners1: Vassilakis, Laskaridis, Constantakopoulos, Ioannou and David families. ❑ Company’s shares are listed in the Athens Stock Exchange since 2007. 30,46% 37,08% 32,46% Vassilakis family Pre-IPO shareholders Rest 1.Constantakopoulos F
Slide 24: AEGEAN at a glance
AEGEAN at a glance Jan - Dec Jan - Dec Change Consolidated results (in € mil.) 2019 2020 in % Revenue 1308,8 415,1 -68% EBITDA 269,4 (64,7) - Pre-tax earnings/(Losses) 106,7 (296,8) - Net earnings/(Losses) 78,5 (227,9) - Total number of passengers (in thousands) 14.992 5.177 -65,5% Average number of
Slide 25: Operating Figures
Operating Figures Jan - Dec Jan - Dec Change 2019 2020 in % Capacity ASKs (in millions) 18.596 7.194 -61% Total available seats (000) 17.855 7.783 -56% Total Block Hours 193.066 80.086 -59% Total Sectors Flown 115.765 54.404 -53% Average capacity per flight 154 143 -7% Average sector length (km) 925
Slide 26: Profit and Loss Account
Profit and Loss Account Jan - Dec Jan - Dec Change in Consolidated results (in € mil.) 2019 2020 % Revenue Scheduled Services 1098,4 341,6 -69% Charter 78,8 14,1 -82% Other 131,6 59,4 -55% Total revenue 1.308,8 415,1 -68% Other operating income 19,3 19,5 1% Employee benefits (138,7) (79,9) -42% Airc
Slide 27: Balance Sheet
Balance Sheet (in € mil.) December 2019 December 2020 Total Fixed Assets 618,0 838,8 Cash & Cash Equivalents 505,1 466,2 Financial Assets Available for Sale 11,8 12,3 Other Current Assets 198,6 123,8 Total Assets 1.333,4 1.441,0 Total Equity 328,4 77,6 Lease Liabilities 343,2 425,1 Loans 198,7 437,2
Slide 28: Cash Flow
Cash Flow (in € mil.) Jan – Dec 2019 Jan – Dec 2020 Net cash flows from operating activities 274,5 (84,0) Net cash flows from investing activities (45,5) (56,7) Net cash flows from financing activities 3,9 114,5 Net (decrease)/ increase in cash and cash equivalents 232,9 (26,2) Cash at the beginning
Slide 29: Thank You
THANK YOU A STAR ALLIANCE MEMBER YY
Slide 30: Contact Information
Contact Information Aegean Airlines Athens International Airport Building 57, 19019, Spata Greece Map T: +30 2106261519 T: +30 2106261660 F: +30 210 6261900 www.aegeanair.com https://en.about.aegeanair.com/investor-relations Follow us: 30
Slide 31: Disclaimer
Disclaimer Forward Looking Statements Except for historical information, the statements made or information contained in this presentation are forward- looking in nature. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, object