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AEGEAN_Press Release_2021 Full Year Results

News actualites aeromorning

72,5 mil. Headline pre-tax losses

Partial recovery in revenues (€675 mil.) – Passenger traffic at 7.2 mil.

Athens, March 23rd 2022

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[1] 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 2021 %
    Headline 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%

Source Aegean

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