AEGEAN announces financial results for fiscal year 2019, showing a 10% rise in consolidated revenue at €1,308.8 mil. Net earnings after tax increased by 15% at €78.4 mil.
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
“2019 has proven our maturing of operations and the gradual success of our efforts of extending the season. For the first time we managed to achieve a profitable result also in the traditionally weak last quarter of the year. The success of 2019 contributes to a stronger starting base and contributes to reserves in organization and financial condition.
Our entire industry will be challenged by the unprecedented effects of the COVID-19 in Global Aviation and Travel. We believe in the strength of our organization, our excellent staff and our resilience and adoptability in crisis. In this particular instance, policy makers’ actions and policies to mitigate the effects of the crisis will also be crucial.”
Consolidated Results
| in € mil. | 2018 | 2019 |
% |
| Revenue | 1.185,2 |
1.308,8 |
10,4% |
| EBITDAR [1] |
244,9 |
271,9 |
11,0% |
| EBITDA [2] |
111,4 |
269,4 |
n.m. |
| Pre-tax profit for the period |
98,6 |
106,7 |
8,2% |
| Net profit for the period | 67,9 | 78,5 | 15,6% |
Passenger traffic
| (in ,000) | 2018 | 2019 | % |
| Domestic | 6.122 |
6.297 |
2,9% |
| International | 7.849 |
8.695 |
10,8% |
| Total | 13.971 |
14.992 |
7,3% |
| Load Factor [3] | 83,9% |
84,8% |
0,9pp |
| Avg number of passengers per flight | 127 | 130 | 1,8% |
Detailed financial statements for the first half and the full year are available at www.aegeanair.com under the investor relations / Financial results section.
About Aegean
ΑEGEAN and its subsidiary Olympic Air carried 15 million passengers in 2019. The 2020 itinerary covers a network of 155 destinations, 31 domestic and 124 international in 44 countries. By the end of the year, flights will be carried out with 65 planes, including the first 6 Airbus A320/321neo aircraft expected in the first half, making the fleet one of the youngest in Europe. AEGEAN is a member of STAR ALLIANCE, the largest global airline alliance. The Company has been honored, for the ninth consecutive year and tenth time in the last 11 years, with the Skytrax World Airline award, as the best European regional airline in 2019.
[1] EBITDAR: Earnings before interest, tax, depreciation, amortization & lease payments
[2] EBITDA: Earnings before interest, tax, depreciation & amortization
[3] Scheduled Revenue passenger km divided by Available Seat km
