Nine- Month 2019 Trading Update

Thursday, 21-11-2019

10% increase in consolidated revenue
12% growth in passenger traffic 
Net earnings stood at €77,1m


AEGEAN announces a trading update for the nine-month period ending September 30, 2019 with consolidated revenue at €1.031,9 mil., 10% higher than respective period in 2018. Net earnings after tax reached €77,1 mil. from €80,9 mil. last year.

Total passenger traffic increased by 7% to 11.6 mil. passengers, with the company offering 6% more capacity, totaled to 13,9 mil. available seats. AEGEAN and its subsidiary Olympic Air carried 4.9 mil. passengers in the domestic network, 2% more compared to the respective period in 2018. International traffic reached 6.7 mil. passengers an increase of 12%. Load factor further improved to 84.5% from 83.6%. The Group operated 5% more flights, offering 8% more ASK’s.

The nine-month 2019 results include a €14 mil. negative impact from the first-time application of IFRS 16 and a €16 mil. negative impact from the effective fuel unit cost increase. 

AEGEAN continues to enjoy net cash of €101 mil. [1] following the IFRS 16 application which capitalizes all future lease rental payments for the fleet and the liability from the recent bond issuance. EBITDA stood at €231 mil. for the period.

Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:

“AEGEAN managed to improve all its operational figures in the 2019 nine-month period and welcomed more than 12% international passengers on board despite the marginal increase in inbound tourism flows into the country.

We managed to mitigate the increase in the effective fuel unit cost. Moreover, in comparable terms, net of IFRS 16 application, we managed to improve all our financial figures.

Our effort to extend tourism season, which contribute overall to tourism development in our country, yielded positive results in the second quarter and is expected to do so in the fourth quarter as well”. 

Consolidated Results

 

€ million
 Third Quarter 2018
 Third Quarter 2019
 %
 Nine Month 2018  Nine Month 2019
 %
Revenue
 483,6
 512,5
 6%
 939,3
 1.031,9
 10%
EBITDAR [2]
 175,1
 168,7
 -4%
 225,1
 232,3
 3%
EBITDA [3]
 140,6
 168,1
 20%
 125,9
 230,8
 83%
Pre-tax profit for the period
 134,1
 123,7
 -8%
 115,8
 106,6
 -8%
Net profit for the period 94,7 90,2 -5% 80,9 77,1 -5%

Passenger traffic (in ,000)

 

  Third Quarter 2018
 Third Quarter 2019
 %
 Nine Month 2018
 Nine Month 2019
 %
Domestic
 2.134
 2.137
 0%
 4.793
 4.904
 2%
International
 2.758
 3.044
 10%
 6.035
 6.729
 12%
Total
 4.892
 5.181
 6%
 10.827
 11.633
 7%
Load Factor [4]
 86,1%
 87,7%
 1,6pp
 83,6%
 84,5%
 0,9pp
Avg number of passengers per flight 130 132 1% 126 129 2%


About AEGEAN


AEGEAN and its subsidiary Olympic Air, carried 14 million passengers in 2018. 2019 network covers 151 destinations (31 domestic and 120 international) to 44 countries. Since June 30, 2010 AEGEAN is a member of STAR ALLIANCE, the strongest airline alliance worldwide. The Company has been honored with the Skytrax World Airline award, as the best European regional airline in 2019.

Key Performance Indicators are posted on the company’s website here. The Group reports detailed financial statements for the first half and the full year period which are available at www.aegeanair.com under the investor relations / financial results section. For the first and third quarter of the year the Group releases trading updates with key un-audited financial and operating performance indicators. 

[1]: Net cash calculation includes cash and cash equivalent totaled to €637,2 mil. and liabilities totaled to €536,3 mil. [financial and operating leases (€339,5 mil.) and bond loan (€196,8 mil.)] 
[2]: EBITDAR: Earnings before interest, tax, depreciation, amortization & lease payments.
[3]: EBITDA: Earnings before interest, tax, depreciation & amortization.
[4]: Scheduled Revenue passenger km divided by Available Seat km.