2021 Full Year Results

Wednesday, 23-03-2022

€72,5 mil. Headline pre-tax losses
Partial recovery in revenues (€675 mil.) - Passenger traffic at 7.2 mil.


AEGEAN announces operating and financial results for fiscal year 2021. The Group recorded a significant increase of 63% in consolidated revenues, in 2021 compared with 2020, mainly due to the recovery from June till October 2021. It is worth noting that 70% of total revenues were recorded from June till October, before the new restrictions imposed due to the Omicron variant. Consolidated revenues in 2021 totaled €674,8 mil. from €415,1 mil. in 2020.
The Group offered 11,2 mil. seats and carried 7,2 mil. passengers with domestic traffic reaching 3,5 mil. passengers and international traffic 3,7 mil. passengers. Load factor for the period stood at 65,5%, at similar levels compared to 2020 but significantly lower compared with the pre-pandemic levels.
Headline pre-tax losses on a comparable basis amounted to €72,5 mil. significantly lower from the losses before taxes on 2020 which amounted to €296,8 mil, mainly due to the improvement recorded in the third quarter which was the first profit making quarter since the beginning of the pandemic. 
Following the completion of the share capital increase of €60,0 mil. in June 2021, which was a condition precedent for the completion of the state aid, the Company has received in July 2021 the approved by EU state aid for the partial compensation of the 2020 losses occurred due to the pandemic. The state aid amount was recognized in the income statement net of the warrants valuation. Moreover, a provision related to the restructuring of the fleet was recognized. The total effect of the three aforementioned items amounted to a total non-headline (exceptional) income of €63,2 mil., which is not included in the above headline losses for 2021.
Taking into account the above-mentioned non-headline (exceptional) items, Losses before Taxes amounted to €9,3 mil. in 2021, while the profit after taxes amounted to €5,1 mil.
Cash and cash equivalents balance was €474,4  mil. as of 31.12.2021, after the payment of the pre delivery payments regarding the Airbus order and the fixed assets purchases amounting €94,8 mil. 

Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented:
“The pandemic had a significant impact in 2021. The Group has managed to recover significantly despite the volatile market conditions during the year. In 2021 AEGEAN has effectively managed its network and its fleet, has strengthened its capital base, and has further improved its cost structure. However, the significant recovery that was recorded between June and October was interrupted by the Omicron variant, which has affected the activity and demand from November 2021 onwards
In 2022 the aviation sector expects a significant recovery while the demand for the Greek tourist product seems particularly strong. At the same time, however, the Russian invasion to Ukraine has created new significant uncertainties, while significantly affecting fuel prices. The Group has accelerated its investment program in new technology  aircraft which will reduce the impact of the increase of fuel prices and plans new destinations, new services and products as well as the gradual restoration of the capacity to reach the pre-pandemic levels for the summer period. For a third consecutive year, the flexibility and adaptability to the volatile market conditions will continue to be very critical”.

Consolidated Results
(in € mil.) 2020   Headline  2021 Non Headline    Total  % 
 Revenue  415,1  674,8    674,8 63% 
 Gain/ (Losses) before taxes and interest  (210,8) (33,1) 63,2 30,1  
 Pre-tax loss for the period (296,8) (72,5)   (9,3) - 
 Net Gain/(loss) for the period (227,9)       5,1  -



Passenger Traffic
  Q4-2020 Q4-2021 % change FY 2020 FY 2021 % change 
Domestic Passengers (‘000) 378  1.002 165%   2.669 3.447  29%
International Passengers (‘000) 388 1.224 215%
2.508		 3.747 49%
Total Passengers (‘000) 767 2.226
  190%
5.177		 7.194 39%
Load Factor (RPK/ASK) 57,9% 68,8%  10,9pp  67,4% 65,5%  -2pp
 Passengers per flight 78   106  37%  95  97  2%




Aegean at a glance
 (in € mil.) FY 2020 FY 2021 % change 
Revenue 415,1
 
 674,8 63%
EBITDA
(64,7)
 
 180,0 -
Pre-tax earnings/(Loss)
(296,8)
 
 (9,3) -97%
Net earnings/(Loss) (227,9) 5,1 -
Total passengers 
(in thousands) 		 5.177 7.194 38,9%
Average passengers per flight 95 97  2%
Load factor - Scheduled services (RPK/ASK) 67,4%
 
 65,5% -1,9pp
Load factor - Scheduled services (Pax/AVS) 67,0% 65,0% -2,0pp
Average sector length (km) 785 827 5%
RASK 
(Revenue per ASK, in € cents)		 6,0 7,21 19%
Yield 
(Revenue per RPK, in € cents) 		 9,0 11,02  22%
CASK (EBT level, in € cents) - excl. fuel costs 10,2 7,3  -28%
CASK (EBT level, in € cents) - excl. fuel costs 8,7  6,1  -30% 




Consolidated Income Statement
 (in € mil.) FY 2020 FY 2021 % change 
Scheduled Services
 341,6 558,3 63%
Charter
 14,1
 37,9 170%
Other 59,4 78,7 32%
Total Revenue 415,1 674,8
 62,6%
Other operating income 2 19,5 105,6 441%
Employee benefits
 (79,9) (66,9) -16%
Aircraft fuel
 (108,1) (134,2) 24%
Aircraft maintenance
 (102,9) (115,9) 13%
Overflight expenses (27,0) (38,9) 44%
Ground handling expenses
 (31,9) (45,4) 42%
Airport charges
 (29,2) (41,4) 42%
Catering expenses (14,1) (20,6) 46%
Distribution expenses (34,8)
 (44,5) 28%
Marketing & advertising expenses (8,0) (11,9) 49%
Other operating expenses 3
 (61,2) (71,0) 16%
Leases 3 (2,2) (9,7) 334%
EBITDA (64,7) 180,0  -
Depreciation 3 (146,1) (149,9) 3%
EBIT
 (210,9) 30,1 -
EBIT margin
 -50,8% 4,5% - 
Financial results (85,9) (39,4) -54%
Pre-tax Profit/(Loss)
 (296,8) (9,3) -97%
EBIT margin -71,5% -1,4%  
Income Tax 68,9  14,4 -79%
Net Profit/(Loss) after tax  (227,9)  5,1   -





Balance Sheet Aegean Group- Summary
 (in € mil.) December 20201 December 2021 
Total Fixed Assets 836,3 814,3
Cash & Cash Equivalents 466,2 462,1
Financial Assets Available for Sale 12,3 12,3
Other Current Assets 123,8 251,7
Total Assets  1.438,5 1.540,4
Total Equity 85,4  213,6
 Lease Liabilities 425,1   414,2
 Loans  437,2  346,2
 Other Liabilities  490,8  566,3
 Total Equity and Liabilities 1.438,5 1.540,4
Note
1December 2020 restated due to IAS 19, change of accounting policy.
2Includes state aid accounting recognition of €92,5 mil. in 2021.
3Includes total fleet restructuring impact of €29,3 mil. in 2021.

Cash Flow Aegean Group- Summary
 (in € mil.) Jan-Dec 2020 Jan-Dec 2021 
Net cash flows from operating activities (104) 211
Net cash flows from investing activities (57) (24)
Net cash flows from financing activities 114 (187)
Net (decrease)/ increase in cash and cash equivalents (47) 0
Cash at the beginning of the period  496 437
Foreign exchange difference impact in cash   (13)  5
 Cash at the end of the period 437 443




Group operating figures
  FY 2020 FY 2021   % change
Capacity
ASKs (in millions) 7.194 10.826 50% 
Total available seats (000) 7.783   11.153  43%
 Total Block Hours 80.086  113.143   41%
 Total Sectors Flown  54.404 74.343   37%
 Average capacity per flight 143   150 5% 
 Average sector length (km)  785 827   5%
 Passengers (΄000)
 By type of service:

Schedule passengers 

 5.069  6.964  37% 

 Charter passengers

  109 230  112% 
 By network:

 Domestic

 2.669  3.447  29% 

International

 2.508 3.747   49%
Total number of passengers  5.117  7.194  39% 
RPKs (in millions)    4.822 7.082  47% 
 Pax/flight  95  97 2% 
 Load factor- Scheduled (Pax/AVS)  67,0% 65,0%   -2pp
 Load factor- Scheduled (RPK/ASK)  67,4% 65,5%  -2pp