AEGEAN announces financial results for the fourth quarter and the fiscal year 2020.
The resurgence of the pandemic and the renewed restrictive measures imposed in Europe and in Greece, heavily impacted the Group’s activity and load factors in the fourth quarter. Sectors flown were 61% lower than 2019 while passenger traffic was lower by 77% and revenues by 74% during Q4-20. Indeed, for the two-month period of November/December, when essential travel restrictions were applied to the domestic market, the traffic decline exceeded 85%.
Including the fourth quarter, revenues for the full year reached €415,1 mil. compared to €1,3 bil. in 2019, while the Group carried 5,17 mil passengers, a 65% reduction from the 15 mil. passengers carried in 2019. Indeed, for the 9 month period from April, following the inception of the pandemic to the end of the year, revenues and passenger traffic recorded a decrease of 76%, while load factor fell from 85% in 2019 to 62% in 2020.
For the full year net losses before taxes reached €296,8 mil. while net losses after taxes reached €227,9 mil. compared with € 106,7 mil. profit before taxes and €78,5 mil. after taxes in 2019.
The Company took immediate actions to effect costs savings, manage capital expenditures and to strengthen liquidity in response to the crisis.
Cash and cash equivalents stood at €478,4 mil. on 31/12/2020.
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
“2020 was certainly the most difficult year in aviation history. From the onset of the crisis we have worked diligently to manage the challenges of this special period. We continue to work to further enhance our resilience and competitiveness but also to develop new services for our passengers to be more effective once restrictions are gradually lifted. Naturally, the completion of the upcoming share capital increase is another important step in this process.
The first months of 2021 are also heavily impacted by restrictions imposed all over Europe during the second lockdown, already in effect for six months. We expect gradual but significant recovery in H2 2021 and onwards, provided that the recently improved vaccination rate continues, and the EU digital green passport is implemented successfully no later than the end of June”.
The Company expects the delivery of its 4th A321 neo, 9th Airbus A320 neo family delivery, in May, within a total delivery plan of 46 new aircraft extending to 2026.
Consolidated Results
| € million | Fourth Quarter 2019 | Fourth Quarter 2020 | % | Full Year 2019 | Full Year 2020 | % |
| Revenue | 276,9 | 72,6 | -73,8% | 1.308,8 | 415,1 | -68,3% |
| EBITDA[1] | 38,5 | (17,6) | n.m. | 269,4 | (64,7) | n.m. |
| Pre-tax profit (losses) for the period | 0,2 | (59,1) | n.m. | 106,7 | (296,8) | n.m. |
| Net profit (losses) for the period | 1,4 | (40,7) | n.m. | 78,5 | (227,9) | n.m. |
Passenger traffic
| Fourth Quarter 2019 | Fourth Quarter 2020 | % | Full Year 2019 | Full Year 2020 | % | |
| Passengers (,000) | 3.359 | 767 | -77,2% | 14.992 | 5.177 | -65,5% |
| Flights | 25.345 | 9.876 | -61,0% | 115.765 | 54.404 | -53,0% |
| Load Factor (RPK/ASK | 85,8% | 57,9% | -27,9pp | 84,8% | 67,4% | -17,5pp |
About AEGEAN
ΑEGEAN and its subsidiary Olympic Air carried 15 million passengers in 2019.
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.
AEGEAN at a glance
| Consolidated results (in € mil.) | Oct – Dec 2019 | Oct – Dec 2020 | Change in % | Jan – Dec 2019 | Jan – Dec 2020 | Change in % |
| Revenue | 276,9 | 72,6 | -74% | 1308,8 | 415,1 | -68% |
| EBITDA | 38,5 | (17,6) | – | 269,4 | (64,7) | – |
| Pre-tax earnings/(Losses) | 0,2 | (59,1) | – | 106,7 | (296,8) | – |
| Net earnings/(Losses) | 1,4 | (40,7) | – | 78,5 | (227,9) | – |
| Total number of passengers (in thousands) | 3.359 | 767 | -77% | 14.992 | 5.177 | -65,5% |
| Average number of passengers per flight | 133 | 78 | -41% | 130 | 95 | -27% |
| Load factor – Scheduled services (RPK/ASK) | 85,8% | 57,9% | -27,9pp | 84,8% | 67,4% | -17,5pp |
| Load factor – Scheduled services (Pax/AVS) | 85,1% | 57,6% | -27,5pp | 84,2% | 67,0% | -17,2pp |
| Average sector length (km) | 939 | 803 | -14% | 925 | 785 | -15% |
| RASK (Revenue per ASK, in € cents) | 6,81 | 6,27 | -8% | 7,14 | 6,04 | -15% |
| Yield (Revenue per RPK, in € cents) | 8,01 | 10,93 | 36% | 8,42 | 9,01 | 7,0% |
| CASK (EBT level, in € cents) | 6,81 | 10,75 | 58% | 6,57 | 10,17 | 55% |
| CASK (EBT level, in € cents) – excl. fuel costs | 5,28 | 9,43 | 78% | 5,06 | 8,67 | 71% |
Profit & Loss account
| Consolidated results (in € mil.) | Oct – Dec 2019 | Oct – Dec 2020 | Change in % | Jan – Dec 2019 | Jan – Dec 2020 | Change in % |
| Revenue | ||||||
| Scheduled Services | 237,5 | 55,9 | -76% | 1098,4 | 341,6 | -69% |
| Charter | 11,8 | 4,1 | -65% | 78,8 | 14,1 | -82% |
| Other | 27,6 | 12,6 | -54% | 131,6 | 59,4 | -55% |
| Total revenue | 276,9 | 72,6 | -74% | 1.308,8 | 415,1 | -68% |
| Other operating income | 6,5 | 9,9 | 53% | 19,3 | 19,5 | 1% |
| Employee benefits | (31,3) | (17,8) | -43% | (138,7) | (79,9) | -42% |
| Aircraft fuel | (63,4) | (17,5) | -72% | (280,5) | (108,1) | -61% |
| Aircraft maintenance | (42,3) | (32,6) | -23% | (182,6) | (102,9) | -44% |
| Overflight expenses | (15,6) | (4,9) | -69% | (71,5) | (27,0) | -62% |
| Ground handling expenses | (15,8) | (5,9) | -63% | (71,6) | (31,9) | -55% |
| Airport charges | (16,3) | (4,3) | -73% | (68,8) | (29,2) | -57% |
| Catering expenses | (8,7) | (2,3) | -73% | (36,6) | (14,1) | -61% |
| Distribution expenses | (18,8) | (3,4) | -82% | (85,6) | (34,8) | -59% |
| Marketing & advertising expenses | (4,6) | (1,3) | -71% | (17,4) | (8,0) | -54% |
| Other operating expenses | (26,9) | (9,9) | -63% | (103,0) | (61,2) | -41% |
| Leases | (1,1) | (0,2) | -78% | (2,5) | (2,2) | -12% |
| EBITDA | 38,5 | (17,6) | – | 269,4 | (64,7) | – |
| Depreciation | (37,0) | (35,8) | -3% | (146,0) | (146,1) | 0% |
| EBIT | 1,5 | (53,4) | – | 123,4 | (210,9) | – |
| EBIT margin | 0,5% | -73,5% | 9,4% | -50,8% | – | |
| Financial results | (1,3) | (5,7) | 327% | (16,7) | (85,9) | 416% |
| Pre-tax earnings/(Losses) | 0,2 | (59,1) | – | 106,7 | (296,8) | – |
| EBT margin | 0,1% | -81,4% | 8,2% | -71,5% | ||
| Income Tax | 1,2 | 18,4 | 1395% | (28,2) | 68,9 | – |
| Net earnings/(Losses) after tax | 1,4 | (40,7) | – | 78,5 | (227,9) | – |
Balance Sheet AEGEAN Group – Summary
| (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 |
| Other Liabilities | 463,0 | 501,1 |
| Total Equity and Liabilities | 1.333,4 | 1.441,0 |
Cashflow AEGEAN Group – Summary
| (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 of the period | 271,7 | 505,1 |
| Foreign exchange difference impact in cash | 0,5 | (12,8) |
| Cash at the end of the period | 505,1 | 466,2 |
Operating figures (AEGEAN & Olympic Air)
| Oct – Dec 2019 | Oct – Dec 2020 | Change in % | Jan – Dec 2019 | Jan – Dec 2020 | Change in % | |
| Capacity | ||||||
| ASKs (in millions) | 4.159 | 1.318 | -68% | 18.596 | 7.194 | -61% |
| Total available seats (000) | 3.975 | 1.359 | -66% | 17.855 | 7.783 | -56% |
| Total Block Hours | 41.878 | 14.828 | -65% | 193.066 | 80.086 | -59% |
| Total Sectors Flown | 25.345 | 9.876 | -61% | 115.765 | 54.404 | -53% |
| Average capacity per flight | 157 | 138 | -12% | 154 | 143 | -7% |
| Average sector length (km) | 939 | 803 | -14% | 925 | 785 | -15% |
| Passengers (000) | ||||||
| By type of service: | ||||||
| Schedule passengers | 3.257 | 750 | -77% | 14.252 | 5.069 | -64% |
| Charter passengers | 102 | 17 | -83% | 740 | 109 | -85% |
| By network: | ||||||
| Domestic | 1.393 | 378 | -73% | 6.297 | 2.669 | -58% |
| International | 1.966 | 388 | -80% | 8.695 | 2.508 | -71% |
| Total number of passengers | 3.359 | 767 | -77% | 14.992 | 5.177 | -65% |
| RPKs (in millions) | 3.537 | 755 | -79% | 15.768 | 4.822 | -69,4% |
| Pax/flight | 133 | 78 | -41% | 130 | 95 | -27% |
| Load factor- Scheduled (Pax/AVS) | 85,1% | 57,6% | -27,5pp | 84,2% | 67,0% | -17,2pp |
| Load factor- Scheduled (RPK/ASK) | 85,8% | 57,9% | -27,9pp | 84,8% | 67,4% | -17,5pp |
Definitions
| EBITDA | Earnings before net interest and financial expenses, income taxes, depreciation and amortization |
| EBITDAR | Earnings before net interest and financial expenses, income taxes, depreciation and amortization and rental costs |
| ASKs (in millions) | Available Seat Kilometers. Represents the number of seats available multiplied by the number of kilometers those seats were flown. |
| Average capacity per flight | The ratio divides total available seats flown by total sectors flown |
| Average sector length (km) | The ratio divides total available kilometers flown by total sectors flown |
| CASK (EBITDAR level, in € cents) | The ratio divides operating expenses by the total number of ASKs. Total operating expenses exclude rentals and depreciation expenses. |
| CASK (EBITDAR level, in € cents) – excl. fuel costs | The ratio divides operating expenses excluding fuel cost by the total number of ASKs. Total operating expenses exclude rentals and depreciation expenses. |
| CASK (EBT level, in € cents) | The ratio divides total expenses (operating & financial) by the total number of ASKs |
| CASK (EBT level, in € cents) – excl. fuel costs | The ratio divides total expenses (operating & financial) excluding fuel costs by the total number of ASKs |
| Load Factor | Expressed as both RPK/ASK and Passengers/Available seats for scheduled flights |
| Pax/flight | The ratio divides total passengers carried by total sectors flown |
| RASK (Revenue per ASK, in € cents) | Revenue per Available Seat Kilometer, where “revenue” refers to revenue from scheduled, charter flights, ancillaries and other operating income |
| Yield (Revenue per RPK, in € cents) | Revenue per Revenue Passenger Kilometer, where “revenue” refers to revenue from scheduled, charter flights, ancillaries and other operating income |
| RPKs (in millions) | Revenue Passenger Kilometers; the number of revenue passengers carried multiplied by the distance flown in kilometers. |
| Total available seats (000) | Represents the number of seats available flown |
| Total Block Hours | A block hour is the time from the commencement of the movement of an aircraft from its parking position at the departure airport until its complete immobilization at the airport of destination |
| Total Sectors Flown | Total number of point-to-point flights |
Detailed financial statements for the first half and the full year are available at www.aegeanair.com under the investor relations / Financial results section.
[1] EBITDA: Earnings (Losses) before interest, tax, depreciation & amortization Aegean
