Aegean Airlines SA · ATHEX:AEGN
Aegean Airlines SA — Investor Presentation (May 2022)
34 slides from Aegean Airlines SA's investor presentation, May 2022
Slide 1: Corporate Presentation May 2022
Corporate Presentation May 2022
Slide 2: More than 21 years of experience
More than 21years of experience 2020 1999 2003 2007 2011 2018 Delivery Launch scheduled First profitable Listing in Athens International Airbus order of 46x of 8 flights; year pre-tax Exchange, raising traffic exceeds A/C of the Α320 neo Domestic market basis; €135m through domestic for the A320neo
Slide 3: Proven track record of growth prior the pandemic
Proven track record of growth prior the pandemic 83,2% 83,9% 84,8% Load Factor Evolution 78,3% 78,3% 76,9% 77,4% 74,3% 68,1% 68,9% Available Seats Kilometers 16,4 16,7 17,2 18,6 14,7 12,2 15,0 9,8 10,7 8,3 9,1 14,0 13,2 12,5 11,6 Passenger Evolution (in mil.) 10,1 8,8 Domestic International Olympic
Slide 4: 2021: on the way to recovery
Passengers (‘000) 14.992 5177. 7.194 ee Available Seats (‘000) 17.855 YY 11.153 7.783 ~ 2 20 2021 67,4% Load Factor Flights Block Hours 113.143 64% of 2019 capacity level reached in 2021 9 9 9 Average Sector Length 827 km. 2021: on the way to recovery 52% of 2019 revenue achieved in 2021 Consolidate
Slide 5: AEGEAN's activity in the pandemic vs 2019 activity
AEGEAN’s activity in the pandemic vs 2019 activity 130% Pax Flights 120% 110% 100% 90% 80% 80% 70% 60% 56% 68% 50% 40% 44% 30% 20% 10% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 5
Slide 6: Demand for travelling continued to be affected in 2021
Demand for travelling continued to be affected in 2021 % change with the respective month in 2019 ASK’s RPK’s 2021 Global Market European Market Global Market European Market January -58,7% -68,7% -72,0% -77,4% February -63,1% -75,0% -74,7% -82,8% March -56,8% -74,1% -67,2% -81,7% April -54,5% -72,0
Slide 7: Greece's tourism recovery
Greece’s tourism recovery Domestic Passengers traffic in Greece in all airports Greece is among the 2.000.000 “recovery winners” 1.500.000 following the lifting of the 1.000.000 restrictive measures. 500.000 0 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 2019 2020 2021 Progress on vacc
Slide 8: Path to "New Normality → 2023+"
Path to “New Normality → 2023+” Invest in People & Core Competences Normality… Expected in 2023 H2-21 Path to recovery H1-22 Flexibility Address Legacy Costs Jun-20 Restricted- Restart May-21 Resilience Flexibility Grounding Q1-20 -99% passengers According to IATA estimates, in 2022 the total number
Slide 9: Actions to navigate crisis
Actions to navigate crisis Stage 1 (first six months) Cooperation with the Authorities on Pandemic – Protocols Consolidation of HQ facilities = Improved Cooperation Protect the health of its Address Suppliers for Flexibility - Cost 01 customers and employees Secure Extra Liquidity Dynamic- Flexible
Slide 10: Robust Recovery in 2021 despite challenges, intense competition and seasonality
Robust Recovery in 2021 despite challenges, intense competition and seasonality. 65% 68% 400,0 350,0 333,9 30% 31% 26% 26% 300,0 12% 250,0 1st profitable quarter since 188,0 200,0 the start of the pandemic 155,1 150,0 108,6 100,0 72,6 58,3 40,4 44,3 50,0 0,0 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21
Slide 11: Group's activity had significant fluctuations during the year
Group’s activity had significant fluctuations during the year, so necessary adjustments were made due to the different pandemic conditions. % vs 2019 % vs 2020 1st 2nd 3rd 4th Total 1st 2nd 3rd 4th Total quarter quarter quarter quarter quarter quarter quarter quarter 2021 2021 2021 2021 2021 2021 20
Slide 12: Key performance indicators
Key performance indicators RPKs (in mil.) ASKs (in mil.) 20.000 20.000 18.596 15.768 16.000 15.000 12.000 10.826 10.000 8.000 7.082 7.194 4.822 4.000 5.000 0 0 FY-19 FY-20 FY-21 FY-19 FY-20 FY-21 Yield Revenue (in € cents) RASK (in € cents) 12 10 9,71 10 9,01 8 8,42 7,14 6,35 8 6,04 6 6 4 4 2 2 0 0
Slide 13: Effective cost management
Effective cost management Cost per ASK FY-19 FY-20 FY-21 ASK’s 18.596 7.194 10.826 Employee benefits 0,75 1,11 0,62 Aircraft fuel 1,51 1,50 1,24 Depreciation 0,78 2,03 1,39 Aircraft maintenance 0,98 1,43 1,07 Overflight expenses 0,38 0,37 0,36 Ground handling expenses 0,38 0,44 0,42 Airport charges
Slide 14: Profit and Loss
Profit and Loss (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 - Pre-tax result per quarter (in € thous.)
Slide 15: Cash Flow Bridge
Cash Flow Bridge Capex includes predelivery payments of $87 mil. 15
Slide 16: Group's liquidity position
Group’s liquidity position Cash & Cash Equivalents (€ mil.) Debt (€ mil.) 516,9 478,4 474,4 437,2 346,2 198,7 FY 2019 FY 2020 FY 2021 FY 2019 FY 2020 FY 2021 (amounts in EUR mil.) FY 2019 FY 2020 FY 2021 Cash and Cash Equivalents1 517 479 474 Debt 199 437 346 Leases (IFRS 16) 343 425 414 Net Debt/ (
Slide 17: Continue to develop strengths
Continue to develop strengths Network and Fleet development People and Organization Customer and Services Innovation 17
Slide 18: 15 mil. available seats in 2022; 156 destinations in 42 countries
15 mil. available seats in 2022 Expanded Structure 156 destinations in 42 countries of 2022 Network 125 international destinations 31 domestic destinations 6 brand new destinations in Kuwait, Oslo, Bilbao, Cologne, Florence, Cluj Napoca 14 international destinations re-instated out of 8 bases in Ath
Slide 19: 46 neo A320/321: the largest private investment in Greece
46 neo- A320/321 the largest private investment in Greece the new aircraft facilitate the offer of new services to passengers, as well as increased range capabilities for expansion to new destinations and markets. NEO fleet will strengthen AEGEAN’s competitiveness, reduce operating costs and upgrade
Slide 20: Aegean Fleet development
Aegean Fleet development • Flexibility remains key in current environment • NEO core fleet to provide significant cost benefits • Turboprop fleet; shift to ATR to contribute to fleet optimization December 2021 A/C AIRBUS NEO 9 AIRBUS CEO 41 Turboprop 15 Τotal 65 Aircraft 2022 2023 2024 2025 2026 AIR
Slide 21: Multiple benefits from A320neo fleet
Multiple benefits from A320neo fleet Quality upgrade Improved Range Fuel Savings Financial Benefits Possibilities Aegean’s specific benefits ▪ Increased seat ▪ Operational ▪ The new engine ▪ Re-contracting of capacity per opportunities to option offer min 15% maintenance; Non- aircraft. The new reac
Slide 22: New Customer Services Onboard
New Customer Services Onboard Investing in innovation will continue to be a strategic priority, aiming at the continuous improvement of the offered services and the travel experience. AEGEAN offered 32 new products/ services during 2020-2021 22 22
Slide 23: Focus on quality
New Upgraded Lounges (Athens, Thessaloniki) Expanding of Loyalty Product with New Partnerships Evolving Upgrade of web site services/look & App Positioning to Serve & Benefit from Turn -to –Quality of Greek Incoming Leisure & Product Focus on quality 23
Slide 24: Summer season 2022
Summer season 2022 Q1-22 Q2-22 Q3-22 Q4-22 Marginally Expected Capacity Level vs below to 2019 with flexibility to adjust -26% -20% flat Flat Strong demand for Greece; Significant competition is expected, international flying expected to be between 7-10% higher in the summer months vs 2019, channele
Slide 25: Appendix
Appendix
Slide 26: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty. Hedging rate % Year Jet Fuel 2022 47% 2023 7% Hedging rate % Year US dollars* 2022 29% 2023 30% *Cashflow hedges 26
Slide 27: Aegean at a glance
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
Slide 28: Profit and Loss Account
Profit and Loss Account (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 1 19,5 105,6 441% Employee benefits (79,9) (66,9) -16% Aircraft fuel (108,1) (134,2) 24% Aircraft maintena
Slide 29: Balance Sheet Aegean Group - Summary
Balance Sheet Aegean Group- Summary December December (in € mil.) 20201 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
Slide 30: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary Jan-Dec Jan-Dec (in € mil.) 2020 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 beg
Slide 31: Group Operating Figures
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% Passenger
Slide 32: Building 57, Athens International Airport, Spata Greece 19019 t. 0030 2103551519
Building 57, Athens International Airport, Spata Greece 19019 t. 0030 2103551519 e. [email protected] www.aegeanair.com https://en.about.aegeanair.com/investor-relations 32
Slide 33: Disclaimer
Disclaimer Forward Looking Statements Except for historical information, the statements made or information contained in this presentation are forward-looking in nature. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objecti
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