AEGEAN announces its key financial and operating results for the first quarter of 2023. Consolidated revenue reached €229,1 mil. 90% higher than Q1-22 and materially 33% more than the pre-pandemic Q1-19.
Passenger traffic benefited from increased capacity offered as well as strong demand, even during the seasonally weak winter period, recording a 72% increase vs Q1-22. The Group offered 3,2 million seats and welcomed 2,6 million passengers, 1,6 million passengers from/to international destinations. Load factor reached 82%, 15,5 p.p. higher than Q1-22.
Increased capacity during the winter period, robust demand, new services and the evolution of fleet upgrade all contributed to record positive EBITDA for the Group of €19,3 mil. in the seasonally weak first quarter from EBITDA losses of €16,1mil. in Q1-22 and losses of €8,5mil. in Q1-19 respectively.
Losses after tax substantially narrowed to €14,4 mil. from after tax losses of €38,5mil. in Q1-22 and €35,2 mil. in Q1-19.
During Q1-23 AEGEAN recorded robust cash flow generation of €138,6 mil. due also to higher pre-bookings for the summer period. Cash, cash equivalents and other financial investments reached €591,1 mil.[1] on 31.03.23 from 527,9 mil.[2] on 31.12.22, following loans repayment of €68,5 mil.
Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented: “We are very pleased with Q1 performance, in the seasonally weakest period of the year, as a result of robust demand but also improved AEGEAN’s competitiveness in the post pandemic market. Once again, we supported the extension of the tourism season in our country with our investment in the capacity offered in Athens and Thessaloniki in the first quarter of the 2023, an investment which resulted to significant traffic growth.
We continue to see strong demand and positive indications for the summer period which as always shapes full year’s results. At the same time, we opened new destinations and introduce every month new product offerings and targeted services across all travel ribbon, to offer to our passengers the option to enhance their travel experience and overall relationship with AEGEAN”.
AEGEAN plans to operate with 76 aircraft in 2023 and offer a total of 18 mil. available seats, of which 11 mil. seats in its international network, i.e. 2 mil. more seats than in 2022 and 800 thousand more than in 2019. The network will cover 46 countries, with 264 routes to 161 destinations out of 8 bases.
Financial Results and Operating Metrics for the First Quarter of 2023
| (in € mil.) | Q1 2019 | Q1 2022 | Q1 2023 | % chg
‘22/‘23 |
| Revenue | 172,0 | 120,8 | 229,1 | 90% |
| EBITDA | (8,5) | (16,1) | 19,3 | – |
| Pre-tax Profit/(Loss) | (48,7) | (48,3) | (18,6) | – |
| Net Profit/(Loss) | (35,2) | (38,5) | (14,4) | – |
| Q1 2019 | Q1 2022 | Q1 2023 | % chg
‘22/‘23 |
|
| Total Passengers (‘000) | 2.525 | 1.502 | 2.581 | 72% |
| RPKs (in millions) | 2.482 | 1.455 | 2.715 | 87% |
| ASKs (in millions) | 3.015 | 2.211 | 3.340 | 51% |
| Load Factor (RPK/ASK) | 82,3% | 66,1% | 81,6% | 15,5pp |
Κey financial and operating metrics of Q1-22 and Q1-23 as a percentage of the results for the corresponding period of 2019
| Q1 2019 | Q1 2022 | Q1 2023 | ||
| ASKs | 100% | 73% | 111% | |
| Revenue | 100% | 70% | 133% |
Net Debt Analysis
| (in € mil.) | 31.12.2022 | 31.03.2023 |
| Cash and cash equivalents | 527,9 | 591,1 |
| Borrowings | 268,2 | 197,7 |
| Lease Liabilities | 737,3 | 812,6 |
| Net Debt | 477,6 | 419,2 |
| EBITDA- 12month trailing1 | 274,9 | 310,3 |
| Net Debt / ΕBITDA | 1,7x | 1,4x |
Note:
1 12-month trailing Earnings/(Losses) before interest, tax, depreciation and amortization (EBITDA), Jan.-22 – Dec.-22 and Apr.-22 – Mar.-23 respectively.
AEGEAN at a glance
| (in € mil.) | Q1 2022 | Q1 2023 | % change |
| Revenue | 120,8 | 229,1 | 90% |
| EBITDA | (16,1) | 19,3 | – |
| Pre-tax earnings/(Loss) | (48,3) | (18,6) | – |
| Net earnings/(Loss) | (38,5) | (14,4) | – |
| Total passengers (In thousands) | 1.502 | 2.581 | 72% |
| Average passengers per flight | 99 | 126 | 27% |
| Load factor – Scheduled services (RPK/ASK) | 66,1% | 81,6% | 15,5pp |
| Load factor – Scheduled services (Pax/AVS) | 65,4% | 80,0% | 14,6pp |
| Average sector length (km) | 829 | 891 | 7,4% |
| RASK (Revenue per ASK, in € cents)1 | 5,5 | 6,9 | 26% |
| Yield (in € cents)1 | 8,3 | 8,4 | 2% |
| CASK (EBT level, in € cents) | 8,0 | 7,7 | -4% |
| CASK (EBT level, in € cents) – excl. fuel costs | 6,5 | 5,8 | -11% |
Note:
1 Excluding other operating income.
Consolidated Income Statement- First quarter 2023
| (in € mil.) | Q1 2022 | Q1 2023 | % change |
| Scheduled Services | 101,6 | 200,0 | 97% |
| Charter | 2,54 | 2,46 | -3% |
| Other | 16,7 | 26,6 | 60% |
| Total Revenue | 120,8 | 229,1 | 90% |
| Other operating income | 6,8 | 7,9 | 16% |
| Employee benefits | (22,2) | (30,5) | 37% |
| Aircraft fuel | (32,7) | (62,8) | 92% |
| Aircraft maintenance | (19,5) | (23,3) | 19% |
| Overflight expenses | (9,0) | (12,6) | 40% |
| Ground handling expenses | (10,5) | (15,9) | 52% |
| Airport charges | (9,7) | (16,1) | 66% |
| Catering expenses | (4,8) | (8,3) | 75% |
| Distribution expenses | (10,3) | (13,8) | 34% |
| Marketing & advertising expenses | (3,0) | (5,0) | 71% |
| Other operating expenses | (19,8) | (27,1) | 37% |
| Leases | (2,2) | (2,1) | – |
| EBITDA | (16,1) | 19,3 | – |
| Depreciation | (30,7) | (34,0) | 11% |
| EBIT | (46,7) | (14,7) | – |
| EBIT margin | -38,7% | -6,4% | – |
| Financial results | (1,6) | (3,9) | 142% |
| Pre-tax Profit/(Loss) | (48,3) | (18,6) | – |
| EBT margin | -40,0% | -8,1% | – |
| Income Tax | 9,9 | 4,2 | – |
| Net Profit/(Loss) after tax | (38,5) | (14,4) | – |
Balance Sheet Aegean Group – Summary
| (in € mil.) | 31.12.2022 | 31.03.2023 | ||||
| Total Fixed Assets | 1.203,3 | 1.319,1 | ||||
| Cash & Cash Equivalents1 | 463,7 | 497,5 | ||||
| Financial Assets Available for Sale2 | 64,2 | 93,6 | ||||
| Other Current Assets | 289,2 | 280,3 | ||||
| Total Assets | 2.020,4 | 2.190,5 | ||||
| Total Equity | 348,1 | 312,6 | ||||
| Lease Liabilities | 737,3 | 812,6 | ||||
| Loans | 268,2 | 197,7 | ||||
| Other Liabilities | 666,8 | 867,6 | ||||
| Total Equity and Liabilities | 2.020,4 | 2.190,5 |
Notes:
1. Includes restricted cash of €12,6 mil. on 31/03/2023 and restricted cash of €1,4 mil. on 31/12/2022.
- Includes pledged fixed income securities of €10,4 mil. on 31/03/2023 and €10,4 mil. on 31/12/2022.
Cash Flow Aegean Group- Summary
| (in € mil.) | 31.03.2022 | 31.03.2023 | ||
| Net cash flows from operating activities | 42,7 | 138,6 | ||
| Net cash flows from investing activities | (28,5) | (3,7) | ||
| Net cash flows from financing activities | (41,4) | (74,9) | ||
| Net (decrease)/ increase in cash and cash equivalents | (27,2) | 59,9 | ||
| Cash at the beginning of the period1 | 476,4 | 527,9 | ||
| Foreign exchange difference impact in cash | 11,6 | 3,2 | ||
| Cash at the end of the period1 | 460,8 | 591,1 |
Notes:
- Includes restricted cash and Financial Assets Available for Sale.
Group operating figures
| Q1 2022 | Q1 2023 | % change | |
| Capacity | |||
| ASKs (in millions) | 2.211 | 3.340 | 51% |
| Total available seats (000) | 2.313 | 3.236 | 40% |
| Total Block Hours | 23.347 | 33.783 | 45% |
| Total Sectors Flown | 15.104 | 20.446 | 35% |
| Average capacity per flight | 153 | 158 | 3% |
| Average sector length (km) | 829 | 891 | 7% |
| Passengers (΄000) | |||
| By type of service: | |||
| Schedule passengers | 1.494 | 2.565 | 72% |
| Charter passengers | 8 | 16 | 92% |
| By network: | |||
| Domestic | 717 | 1.028 | 43% |
| International | 785 | 1.553 | 98% |
| Total number of passengers | 1.502 | 2.581 | 72% |
| RPKs (in millions) | 1.455 | 2.715 | 87% |
| Average passengers per flight | 99 | 126 | 27% |
| Load factor- Scheduled Services (Pax/AVS) | 65,4% | 80,0% | 14,6pp |
| Load factor- Scheduled Services (RPK/ASK) | 66,1% | 81,6% | 15,5pp |
[1] Includes Financial Assets of €93.6 mil. and restricted cash of €12.6 mil.
[2] Includes Financial Assets of €64.2 mil. and restricted cash of €1.4 mil.
