Aegean Airlines SA · ATHEX:AEGN
Aegean Airlines SA — Investor Presentation (September 2022)
29 slides from Aegean Airlines SA's investor presentation, September 2022
Slide 1: Corporate Presentation September 2022
Corporate Presentation September 2022
Slide 2: More than 22 years of experience
More than 22 years of experience 2003 2013 2007 1999 First profitable Olympic Air 2019 Listing in Athens ∙ year pre-tax acquisition. 2022 Launch scheduled Exchange, raising Issue a EUR 200 mil. Introduction basis; ∙ flights; €135m through Common of high- Domestic market Low-cost carriers 2018 Bond L
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 – (in million) 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 Interna
Slide 4: Path to New Normality: Q3 2022+
Path to “New Normality → Q3 2022+” Invest in People & Core Competences Normality… Q3 2022+ Travel Recovery rebuild profitability H2-22 Strong travel demand Capacity ramp up H2-21 Path to recovery H1-22 Flexibility Address Legacy Costs Jun-20 Restricted- Restart May-21 Resilience Flexibility Groundin
Slide 5: Strategic Priorities
Strategic Priorities Restoring Financial Performance Rebuild capital base Generate strong cash flows Extract ancillary revenue potential 02 Strengthening our Sustaining low unit cost rates Complete investment program Brand Invest in customer experience Deliver high quality services New upgraded loun
Slide 6: 2021: Aegean was well-positioned to manage continued volatility
2021: Aegean was well-positioned to manage continued volatility due to the pandemic 6
Slide 7: Robust Recovery from 2022 onwards despite challenges
Robust Recovery from 2022 onwards despite challenges, intense competition and seasonality. 94% 68% 70% 65% 375,0 333,9 327,3 325,0 30% 31% 26% 26% 275,0 12% 2nd profitable quarter 225,0 1st profitable quarter since 188,0 the start of the pandemic 175,0 155,1 120,8 125,0 108,6 72,6 75,0 51,3 40,4 44,
Slide 8: Record breaking for flights to Greece
Record breaking for flights to Greece the only Mediterranean country on positive territory compared with 2019 20% 10% 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Weeks 2022 -10% -20% % traffic in flights compared to 2019 -30% Eurocontro
Slide 9: Greece: dynamic start for the summer season
Greece: dynamic start for the summer season Domestic Passengers traffic in Greece in all airports International Passengers Traffic in Greece in all airports 9.000.000 8.000.000 2.000.000 7.000.000 6.000.000 1.500.000 5.000.000 1.000.000 4.000.000 3.000.000 500.000 2.000.000 1.000.000 0 0 Jan. Feb. M
Slide 10: AEGEAN's ramp-up activity path vs 2019 activity
AEGEAN’s ramp-up activity path vs 2019 activity 100% 90% 90% 84% 80% 89% 78% 80% 82% 70% 73% 68% 60% 50% 40% 30% 20% 10% 0% Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Pax Flights 10
Slide 11: Strong recovery of operational activity and profitability in Q2-22
Strong recovery of operational activity and profitability in Q2-22 Available Seats (in ‘000) Passengers (in ‘000) Load Factor 6.000 5.000 100% 4.817 79% 5.000 3.927 82% 4.125 4.000 80% 4.000 3.228 56% 3.000 60% 3.000 2.148 2.000 40% 2.000 1.190 1.000 1.000 20% 0 0 0% Q2-19 Q2-21 Q2-22 Q2-19 Q2-21 Q2
Slide 12: Profitable second quarter
Profitable second quarter -A significant increase of 201% in revenues in Q2 2022 as a result of the significant increase in capacity offered & the improvement in revenue per flight; -Fuel price in Q2 2022 was 120% higher than Q2 2019. Part of fuel cost increase was offset by hedging. Second Second F
Slide 13: Q2 2022 Financial Highlights
Q2 2022 Financial Highlights • First profitable second quarter since COVID start, due to travel recovery and easing of travel restrictions; • Consolidated revenues at €327 mil. in Q2-22 with pre-tax profit at €17,7mil., 3 times higher than Q2-22; • Highest recovery rates among EU peers at 86% on ava
Slide 14: Steady increase of load factors, attractive yields
Steady increase of load factors Attractive yields RPKs (in mil.) ASKs (in mil.) 8.000 9.000 6.669 8.114 7.000 8.000 7.000 6.512 -Yields increased by 6.000 5.000 4.841 6.000 5.000 21% in H1-22 compared 4.000 3.000 4.000 3.000 2.673 with 2019. 1.404 2.000 2.000 1.000 1.000 - Load factor, 23 p.p. 0 0 H
Slide 15: Effective cost management
Effective cost management H1-2019 H1-2021 H1-2022 ASK’s 8.144 2.673 6.512 Employee benefits 0,83 0,96 0,79 Aircraft fuel 1,47 1,06 1,86 Depreciation 0,89 2,43 0,92 Aircraft maintenance 0,96 1,11 0,86 Overflight expenses 0,39 0,36 0,40 Ground handling expenses 0,39 0,49 0,44 Airport charges 0,41 0,49
Slide 16: AEGEAN liquidity position
AEGEAN liquidity position Cash & Cash Equivalents (€ mil.) Debt (€ mil.) 602,1 516,9 474,4 346,2 347,1 198,7 FY 2019 FY 2021 H1 2022 FY 2019 FY 2021 H1 2022 (amounts in EUR mil.) FY 2019 FY 2021 H1 2022 Cash and Cash Equivalents1 517 474 602 Debt 199 346 3473 Leases (IFRS 16) 343 414 553 Net Debt/ (
Slide 17: 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 72/42s to contribute to fleet optimization Today A/C AIRBUS NEO 16 AIRBUS CEO 38 Turboprop 14 Τotal 68 Dec Aircraft 2022 2023 2024 2025 2026
Slide 18: 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 19: 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 20: Appendix
Appendix
Slide 21: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty. Hedging rate % Year Jet Fuel 2022 53% 2023 24% Hedging rate % Year US dollars* 2022 41% 2023 38% * Both cashflow and non hedge accounting derivatives 21
Slide 22: Aegean at a glance
Aegean at a glance Second Second First Half First Half (in € mil.) Quarter 2021 Quarter 2022 % 2021 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/(Loss) (34,8) 17,7 - (91,8) (30,6) - Net earnings/(Loss) (33,9) 10,8 - (78,4) (27,7) - Total passe
Slide 23: Profit and Loss Account
Profit and Loss Account Second Second First Half First Half (in € mil.) Quarter 2021 Quarter 2022 % 2021 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 30,5 119% 21,9 47,2 116% Total Revenue 108,6 327,3 201% 152,8 448,1 193% Other operating
Slide 24: Balance Sheet Aegean Group
Balance Sheet Aegean Group December June (in € mil.) 2021 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 Lease Liabilities 414,2 553,3 Loans
Slide 25: Cash Flow Aegean Group - Summary
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 Cas
Slide 26: Group Operating Figures
Group Operating Figures Second Second Quarter Quarter First Half First Half 2021 2022 % 2021 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 1
Slide 27: Contact details
Building 57, Athens International Airport, Spata Greece 19019 t. 0030 2103551519 e. [email protected] www.aegeanair.com https://en.about.aegeanair.com/investor-relations 27
Slide 28: 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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