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Second Quarter & First Half 2022 Financial Results
Thursday, 15-09-2022
Profitable second quarter following recovery in passenger traffic.
Strong trend in demand continues in the third quarter.
AEGEAN announces its financial and operating results for the second quarter and the first half of the year.
Passenger traffic has significantly increased by 171% in the second quarter of 2022, reaching 3,3 mil. passengers from 1,2 mil. in the corresponding quarter of 2021. Load factors have also improved, at 79,2%, 23 p.p. higher compared with the second quarter of 2021. AEGEAN has restored its capacity at 86% in the second quarter of 2022, following the easing of Covid-related measures.
The significant increase in flight activity and demand has contributed to a 201% increase in consolidated revenue in the second quarter of 2022, which stood at €327,3 mil. from €108,6 mil. in the second quarter of 2021. Despite the more than double fuel cost (compared with 2019), the Group reported Profit before taxes of €17,7 mil. and Profit after taxes of €10,8 mil. in the second quarter of 2022 from Losses after taxes of €33,9 mil. in the same period in 2021.
Overall, for the first half of the year, consolidated revenues increased by 193%, with passenger traffic up 187% and available seats 101% compared to the first half of 2021.
In the first half of 2022 Losses after taxes amounted to €27,7 mil. from losses of €78,4 mil.
As of 30.06.2022, cash and cash equivalents balance was €602,1 mil.
Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented:
“After two challenging years, it is a fact that revitalized demand, especially strong to Greece, supported traffic recovery. AEGEAN, following additional A320neo deliveries, invested by expanding its network from its main hub in Athens, but also from Thessaloniki, Heraklion and Chania, gradually increasing its capacity, flying to 138 destinations by the end of June.
We managed to return to profitability in Q2 despite the significant increase in fuel costs well ahead Q3 which is always strongest in contribution of revenue and profitability for the year.
This positive trend continued during the summer months, where we offered 98% of our pre-pandemic ASK’s and achieved Load factors of 84% and 3,2 mil. passengers in the two summer months July and August, supporting further our profitability forecast for FY 2022.
We certainly still have challenges and uncertainties ahead of us. We continue to invest with a steady pace to improve our product quality and manage our network and fleet efficiently”.
Consolidated Results
| (in € mil.) | Second Quarter 2021 |
Second Quarter 2022 |
% | First Half 2021 |
First Half 2022 |
% |
| Revenue | 108,6 | 327,3 | 201% | 152,8 | 448,1 | 193% |
| EBITDA1 | 3,9 | 53,8 | 1264% | (10,1) | 37,7 | - |
| Profit / (Loss) before taxes and interest | (27,5) | 24,4 | - | (75,1) | (22,3) | - |
| Pre-tax Profit / (Losses) for the period | (34,8) | 17,7 | - | (91,8) | (30,6) | - |
| Net Profit/ (Losses)for the period | (33,9) | 10,8 | - | (78,4) | (27,7) | - |
1.Earnings before net interest and financial expenses, income taxes, depreciation and amortization
Passenger Traffic
| Second Quarter 2021 |
Second Quarter 2022 |
% | First Half 2021 |
First Half 2022 |
% |
|
| Domestic Passengers (‘000) | 667 | 1.394 | 109% | 918 | 2.111 | 130% |
| International Passengers (‘000) | 523 | 1.834 | 251% | 732 | 2.619 | 258% |
| Total Passengers (‘000) | 1.190 | 3.228 | 171% | 1.650 | 4.730 | 187% |
| Load Factor (RPK/ASK) | 55,8% | 79,2% | 23,4pp | 53,1% | 74,5% | 21,5pp |
| Passengers per flight | 79 | 122 | 54% | 72 | 114 | 58% |
Aegean at a glance
| (in € mil.) | Second Quarter 2021 |
Second Quarter 2022 |
% | First Half 2021 |
First Half 2022 |
% |
| Revenue | 108,6 | 327,3 | 201% | 152,8 | 448,1 | 193% |
| EBITDA | 3,9 | 53,8 | 1264% | (10,1) | 37,7 | - |
| Pre-tax earnings / Losses | (34,8) | 17,7 | - | (91,8) | (30,6) | - |
| Net earnings / Losses | (33,9) | 10,8 | - | (78,4) | (27,7) | - |
| Total passengers (in thousands) | 1.190 | 3.228 | 171% | 1.650 | 4.730 | 187% |
| Average passengers per flight | 79 | 122 | 54% | 72 | 114 | 58% |
| Load factor - Scheduled services (RPK/ASK) | 55,8% | 79,2% | 23,4pp | 53,1% | 74,5% | 21,5pp |
| Load factor - Scheduled services (Pax/AVS) | 56,0% | 78,8% | 22,8pp | 52,2% | 73,9% | 21,7pp |
| Average sector length (km) | 698 | 911 | 31% | 685 | 882 | 29% |
| RASK (Revenue per ASK, in € cents) | 6,15 | 7,79 | 27% | 5,90 | 711 | 21% |
| Yield (Revenue per RPK, in € cents) | 11,11 | 9,9 | -11% | 11,22 | 9,56 | -15% |
| CASK (EBT level, in € cents) | 8,08 | 7,38 | -9% | 9,33 | 7,58 | -19% |
| CASK (EBT level, in € cents) - excl. fuel costs | 7,00 | 5,32 | -24% | 8,27 | 5,72 | -31% |
Consolidated Income Statement
| (in € mil.) | Second Quarter 2021 |
Second Quarter 2022 |
% | First Half 2021 |
First Half 2022 |
% |
| Scheduled Services | 89,2 | 277,8 | 211% | 123,2 | 379,3 | 208% |
| Charter | 5,4 | 19,0 | 251% | 7,8 | 21,6 | 177% |
| Other | 13,9 | 30,5 | 201% | 21,9 | 47,2 | 116% |
| Total Revenue | 108,6 | 327,3 | 220% | 152,8 | 448,1 | 193% |
| Other operating income | 2,5 | 8,0 | 99% | 4,8 | 14,8 | 209% |
| Employee benefits | (14,7) | (29,1) | 351% | (25,6) | (51,3) | 100% |
| Aircraft fuel | (19,6) | (88,6) | 87% | (28,2) | (121,3) | 330% |
| Aircraft maintenance | (19,6) | (36,6) | 167% | (29,6) | (56,1) | 90% |
| Overflight expenses | (6,4) | (17,1) | 114% | (9,7) | (26,2) | 171% |
| Ground handling expenses | (8,4) | (18,1) | 130% | (13,1) | (28,6) | 118% |
| Airport charges | (8,7) | (20,0) | 165% | (13,1) | (29,7) | 126% |
| Catering expenses | (3,7) | (9,7) | 166% | (5,1) | (14,5) | 185% |
| Distribution expenses | (8,0) | (21,4) | 59% | (11,9) | (31,7) | 167% |
| Marketing & advertising expenses | (3,2) | (5,0) | 126% | (4,4) | (7,9) | 82% |
| Other operating expenses | (13,6) | (30,7) | 318% | (25,3) | (50,5) | 99% |
| Leases | (1,2) | (5,2) | 1264% | (1,8) | (7,4) | 312% |
| EBITDA | 3,9 | 53,8 | - | (10,1) | 37,7 | - |
| Depreciation | (31,4) | (29,3) | - | (65,0) | (60,0) | - |
| EBIT | (27,5) | 24,4 | - | (75,1) | (22,3) | - |
| EBIT margin | -25,3% | 7,5% | - | -49,1% | -5,0% | - |
| Financial results | (7,3) | (6,7) | - | (16,7) | (8,3) | - |
| Pre-tax Profit / (Loss) | (34,8) | 17,7 | - | (91,8) | (30,6) | - |
| EBT margin | -32,1% | 5,4% | - | -60,0% | -6,8% | - |
| Income Tax | 0,9 | (6,9) | - | 13,4 | 3,0 | - |
| Net Profit / (Loss) after tax | (33,9) | 10,8 | - | (78,4) | (27,7) | - |
Balance Sheet Aegean Group- Summary
| (in € mil.) | December 2021 | June 2022 |
| Total Fixed Assets | 814,3 | 997,6 |
| Cash & Cash Equivalents1 | 462,1 | 579,6 |
| Financial Assets Available for Sale | 12,3 | 22,5 |
| Other Current Assets | 251,7 | 438,5 |
| Total Assets | 1.540,4 | 2.038,2 |
| Total Equity | 213,6 | 259,0 |
| Leases Liabilities | 414,2 | 553,3 |
| Loans | 346,2 | 347,1 |
| Other Liabilities | 566,3 | 878,8 |
| Total Equity and Liabilities | 1.540,4 | 2.038,2 |
1. Includes restricted cash of €19,5 mil. in 31/12/2021 and 30/06/2022 respectively.
Cash Flow Aegean Group- Summary
| (in € mil.) | Jan-Jun 2021 | Jan-Jun 2022 |
| Net cash flows from operating activities | 105,3 | 257,7 |
| Net cash flows from investing activities | (5,1) | (79,2) |
| Net cash flows from financing activities | (12,9) | (79,6) |
| Net (decrease)/ increase in cash and cash equivalents | 87,3 | 98,9 |
| Cash at the beginning of the period | 437,1 | 442,6 |
| Foreign exchange difference impact in cash | 2,6 | 18,5 |
| Cash at the end of the period | 527,0 | 560,1 |
Group operating figures
| Second Quarter 2021 |
Second Quarter 2022 |
% | First Half 2021 |
First Half 2022 |
% |
|
| Capacity | ||||||
| ASKs (in millions) | 1.805 | 4.301 | 138% | 2.673 | 6.512 | 144% |
| Total available seats (000) | 2.148 | 4.125 | 92% | 3.208 | 6.438 | 101% |
| Total Block Hours | 20.268 | 44.097 | 118% | 30.590 | 67.445 | 120% |
| Total Sectors Flown | 15.022 | 26.379 | 76% | 22.905 | 41.483 | 81% |
| Average capacity per flight | 143 | 156 | 9% | 140 | 155 | 11% |
| Average sector length (km) | 698 | 911 | 31% | 685 | 882 | 29% |
| Passengers (΄000) | ||||||
| By type of service: | ||||||
| Schedule passengers | 1.164 | 3.090 | 165% | 1.619 | 4.584 | 183% |
| Charter passengers | 26 | 137 | 435% | 31 | 146 | 368% |
| By network: | ||||||
| Domestic | 667 | 1.394 | 109% | 918 | 2.111 | 130% |
| International | 523 | 1.834 | 250% | 732 | 2.619 | 258% |
| Total number of passengers | 1.190 | 3.228 | 171% | 1.650 | 4.730 | 187% |
| RPKs (in millions) | 999 | 3.386 | 239% | 1.404 | 4.841 | 245% |
| Pax/flight | 79 | 122 | 54% | 72 | 114 | 58% |
| Load factor- Scheduled (Pax/AVS) | 56,0% | 78,8% | 22,8pp | 52,2% | 73,9% | 21,7pp |
| Load factor- Scheduled (RPK/ASK) | 55,8% | 79,2% | 23,4pp | 53,1% | 74,5% | 21,5pp |
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